Markdown madness: Shoppers expected to spend $6.7 billion on sales
Aussies are set to spend a budget-busting figure across the major sales events, according to new research by Finder.
A Finder survey of 1,063 respondents revealed a whopping 46% of Australians – equivalent to 9.3 million people – have shopped or plan to shop during the big sales events this year.
Black Friday is the most popular sales event, with almost 1 in 3 Aussies (30%) – equivalent to 6 million people – planning to take part.
This is followed by Boxing Day (26%), Cyber Monday (14%) and Amazon Prime Day (11%).
Shoppers have already forked out an eye-watering $652 each on average – $6 billion nationally – on sale events in 2023.
Consumers are expected to spend a further $727 each on average over the coming deal days – totalling $6.7 billion across Australia.
Graham Cooke, head of consumer research at Finder, said people are eager to maximise their savings ahead of an expensive silly season.
"Many individuals are grappling with the rising cost of living, from everyday necessities to housing costs.
"What's really interesting to see here is that Black Friday has overtaken Boxing Day in terms of popularity, even though it often doesn't have as juicy deals. Shoppers are increasingly looking for bargains to stretch their dollar in the lead-up to Christmas."
Of those planning to shop at the big sales events this year, clothes and shoes (61%) top the list of items they have their eyes on.
More than 2 in 5 (43%) plan to splurge on electronics and gadgets, while almost 1 in 3 (31%) are looking to buy beauty products.
More than 1 in 4 (27%) are looking to purchase food and alcohol, while 25% are looking for accessories such as jewellery and handbags.
A further 23% are planning to buy toys.
Cooke said sales events are a chance to snag exclusive deals and discounts.
"Fascinatingly, the areas where Aussies are looking to grab a bargain are not the areas which have seen the highest price increases over the last year.
"Children's toys was the highest-ranking product being sought out in the sales with an 8% increase over the last year, but this is 15th overall.
"8 out of the top 10 price increases are for food items – so consumers might be better off hunting for discounts in the grocery aisle rather than the clothes shop."
Cooke said whether it's something you've had your eye on, or you're shopping for presents, setting a realistic budget will steer you away from impulse purchases.
"It's easy to get caught up in the sales frenzy and the assumption that you're missing out if you don't get involved.
"We're heading into a notoriously expensive end of year period, and overspending during sales events can strain budgets and result in financial stress down the line," Cooke said.
|Did you shop OR do you plan to shop during the following sales in 2023?|
|Amazon Prime Day||11%|
|Afterpay Day (already passed)||8%|
|Vogue Online Shopping night (already passed)||1%|
|None of the above||54%|
|Source: Finder survey of 1,063 respondents, September 2023|
|What did you buy OR plan on buying during the sales season this year?|
|Accessories (e.g. handbag, jewellery, hair clips, etc)||25%|
|Source: Finder survey of 491 respondents who plan on shopping the sales events, September 2023|
|Top 20 annual price increases for retail goods (%)|
|Ice cream and other dairy products||11%|
|Dairy and related products||10%|
|Bread and cereal products||10%|
|Oils and fats||9%|
|Cakes and biscuits||9%|
|Spare parts and accessories for motor vehicles||9%|
|Fish and other seafood||9%|
|Pets and related products||9%|
|Cleaning and maintenance products||8%|
|Other food products n.e.c.||8%|
|Takeaway and fast foods||8%|
|Games, toys and hobbies||8%|
|Snacks and confectionery||7%|
|Domestic holiday travel and accommodation||7%|
|Carpets and other floor coverings||7%|
|Clothing and footwear||0.90%|
|Small electric household appliances||-1.90%|
|Major household appliances||-2.90%|
|Source: Finder, ABS|
See what Aussies are spending on this Black Friday.