Vast majority of Australians will spend on EOFY sales – but they want more

Kaycee Enerva

18th Jun 2024

A recent study conducted by ShopFully has shed light on the shopping behaviors of Australian consumers in anticipation of the End-of-Financial-Year (EOFY) sales.

The research – which surveyed over 500 consumers early this month – revealed that despite current financial pressures, a vast majority (89 per cent) of consumers are still expected to actively participate in this year’s EOFY sales.

However, shoppers are not just looking for lower prices but also utilising the period for strategic cost-saving opportunities.

The majority of respondents expressed their intention to stock up on essential items (48 per cent), with home goods (54 per cent) expected to be the most purchased category during the EOFY sales, followed by electronics (30 per cent) and fashion and beauty products (28 per cent).

Moreover, the research found that a third of respondents (30 per cent) only shop during promotional and sale periods, indicating the significance of sales events in driving consumer spending.

When it comes to sales channels, over half (56 per cent) of consumers stated they are omnichannel, actively seeking EOFY sales both online and in-store.

Additionally, 56 per cent of consumers revealed that they have strategically delayed purchasing big-ticket items until the EOFY sales period.

The study also highlighted that 68 per cent of respondents do not plan to take advantage of EOFY sales to purchase work-related products to claim with their taxes. However, when considering other sales periods, such as Black Friday, 69 per cent of consumers expressed their likelihood to take advantage of these sales if available earlier.

Brendan Straw, country manager for ShopFully Australia, suggested that retailers offer sales more regularly to drive revenue and increase brand engagement.

“This [sales event] is a great opportunity for retailers to engage with shoppers through digital and physical promotion touchpoints,” he concluded.