Bargain-savvy shoppers to splash $10 billion on EOFY sales
Aussie shoppers are tipped to spend $10.1 billion on mid-year/end of financial year (EOFY) sales – up $800 million or 8.6% from 2023 – as retailers showcase their midyear and tax time promotions in a bid to entice cash-strapped shoppers.
Research from the Australian Retailers Association (ARA) in collaboration with Roy Morgan found more than a quarter of Australians (27% or 6.2 million) will participate in the sales – up 1% or 400,000 more shoppers than last year.
Those who plan to shop in the mid-year/EOFY sales will each spend an average of $1,638 – up $22 per person from 2023. Of those who plan to shop in the EOFY sales, 35% plan on spending more than last year, 43% plan on spending the same and 22% plan on spending less.
The most popular categories are clothing, footwear and accessories (mentioned by 39% of respondents), electronics and tech (mentioned by 12% of respondents, household items and décor (mentioned by 12% of respondents) and appliances and white goods (mentioned by 11% of respondents.)
ARA CEO Paul Zahra highlighted that the mid-year and EOFY sales provide an excellent chance for shoppers to snag deals on winter and seasonal items or make tax-deductible purchases.
“The mid-year sales have already commenced and present a fantastic opportunity for bargain hunters to score great deals, as retailers reduce prices on a wide selection of clothes, shoes, accessories, homewares, furniture and electronics.
“Shopping online has become particularly popular during this time of year, offering the convenience of shopping from home, especially during the colder winter months.
“As we approach the end of the financial year, many savvy shoppers are on the lookout for work-related products to claim from their tax return, making computers, phones, and other technology highly sought after.
“Whilst an additional $800 million will be spent this year, much of that increase is due to Australia’s rapidly growing population.”
Mr Zahra said the mid-year/EOFY sales are especially important for retailers this year, given the slowdown in discretionary spend.
“These sales will likely represent one of the last significant opportunities for retailers to stimulate sales, given the current, protracted consumer spending downturn.
“Household budgets have been under significant strain and the mid-year/EOFY sales are a great opportunity for shoppers to get great value for money”.
End of Financial Year (EOFY)/ Mid-Year sales are on now until the end of the month – Sunday June 30, 2024.
The ARA-Roy Morgan Snap SMS survey was conducted with an Australian-wide cross-section of 3,301 Australians aged 18+ on Friday May 17 – Thursday May 23, 2024.
Media Enquiries:
M 0434 381 670
E media@retail.org.au.
About the Australian Retailers Association (ARA)
The Australian Retailers Association (ARA) is the oldest, largest and most diverse national retail body, representing a $430 billion sector that employs 1.3 million Australians and is the largest private sector employer in the country. As Australia’s peak retail body, representing more than 120,000 retail shop fronts and online stores, the ARA informs, advocates, educates, protects and unifies our independent, national and international retail community. To learn more about ARA’s exclusive member benefits and more, visit retail.org.au
About Roy Morgan
Roy Morgan is Australia’s largest independent Australian research company, with offices in each state, as well as in the U.S. and U.K. A full-service research organisation, Roy Morgan has over 80 years’ experience collecting objective, independent information on consumers. To learn more visit www.roymorgan.com.
Margin of Error
The margin of error to be allowed for in any estimate depends mainly on the number of interviews on which it is based. Margin of error gives indications of the likely range within which estimates would be 95% likely to fall, expressed as the number of percentage points above or below the actual estimate. Allowance for design effects (such as stratification and weighting) should be made as appropriate.
| Sample Size | Percentage Estimate |
| 40% – 60% | 25% or 75% | 10% or 90% | 5% or 95% | |
| 1,000 | ±3.0 | ±2.7 | ±1.9 | ±1.3 |
| 5,000 | ±1.4 | ±1.2 | ±0.8 | ±0.6 |
| 7,500 | ±1.1 | ±1.0 | ±0.7 | ±0.5 |
| 10,000 | ±1.0 | ±0.9 | ±0.6 | ±0.4 |
| 20,000 | ±0.7 | ±0.6 | ±0.4 | ±0.3 |
| 50,000 | ±0.4 | ±0.4 | ±0.3 | ±0.2 |
