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Aussies tipped to spend $10 billion in EOFY sales

Georgina Sebar
June 20 2024 - 8:15am

Australians are expected to spend $800 million more than last year at EOFY sales.

Australian Retail Association's Fleur Brown said buyers were tipped to spend more than $10 billion over the period.

Shoppers pick through clothes in a shopping centre. Picture by Sylvia Liber
Shoppers pick through clothes in a shopping centre. Picture by Sylvia Liber

"However, much of that increase is due to Australia's rapidly growing population," she said.

The annual discounts provide relief from the cost of living crisis for both consumers and retailers, Ms Brown said.

"The EOFY sales present the opportunity for bargain hunters to score excellent deals during a period when households have been under significant strain," Ms Brown said.

"This is a crucial time for retailers given the slowdown in discretionary spend caused by ongoing cost-of-living pressures."

Fashion will be the biggest seller

A survey of 1000 people conducted by Paypal showed that 38 per cent of Australians are planning to find a bargain before the new financial year starts on July 1.

Clothing retailers could expect the biggest bump as 42 per cent of Australians said they were planning fashion-related purchases.

Electronics were expected to be the next biggest seller at 31 per cent followed by homewares and garden items at 26 per cent.

Only 12 per cent of shoppers were planning on buying tax deductible work items.

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Online shopping remains popular

Two in five Australians planned to shop online for this year's sales.

"Shopping online has become particularly popular during this time of year, offering the convenience of shopping from home, especially during the colder winter months," Ms Brown said.

Forty per cent said shopping online helped them compare prices and secure the best deal.

Georgina Sebar

Georgina Sebar

Journalist

Journalist at the Bendigo Advertiser. Email me at georgina.sebar@austcommunitymedia.com.au