EOFY online sales surge in anticipation of rate cuts, report finds
Australians spent $19.2 billion in online purchases last quarter, a result of anticipated rate cuts and easing inflation, according to a report by Australia Post.
End of financial year (EOFY) sales drove a 15 per cent surge in online spending, as compared to the same period last year, with 7.9 million households choosing to shop online.
Online marketplaces saw Australians spending $4.2 billion, while department stores saw a 28 per cent increase in online sales.
Consumers spent $3.9 billion on food and liquor online and $2.7 billion on fashion.
Smaller, more frequent purchases reduced the average basket size to $96, a 1.6 per cent decrease year-on-year.
Millennials contributed $6.9 billion to online shopping, followed by $5.3 billion spent by Gen X and $3.4 billion by Gen Z, who saw the biggest increase of any generation with a 16 per cent growth year-on-year.
“With inflation cooling and consumer confidence returning, we’re seeing more Australians shop online, with higher expectations,” said Australia Post GM enterprise and government, Chelsea O’Reilly.
“Shoppers are spending more, but they’re also expecting more in the way of speed, convenience and value.
“Retailers that put the customer experience first, through faster delivery and more flexible options, will stand out in an increasingly competitive landscape,” she said.
Comment Manually
You must be logged in to post a comment.
No comments