Aussies set to spend $3 billion less this EOFY compared to 2019

• • • • Just 25% of people plan to shop the mid-year sales
      • Shoppers plan to fork out $400 each
      • Tips for nailing the sales

23 June 2020, Sydney, Australia – With the country now in recession, the number of people planning to shop the mid-year sales has plummeted by half, according to new research by Finder, Australia's most visited comparison site.

A recent Finder survey of 1,008 respondents revealed that just one in four Aussies (27%) plan to shop the EOFY sales this year, down from 76% in 2019 (a drop of 49%).

Of those who say they'll shop, the median amount they plan to spend is $400, taking the combined national spend to $2 billion– a whopping $3 billion less than 2019.

This comes as recent ABS figures show that overall monthly retail turnover fell by 17.9% during April– the steepest monthly fall on record.

Kate Browne, personal finance expert at Finder, said that many consumers are reluctant to spend during the current economic climate.

"Although businesses are beginning to return to normal, Australia is still reeling from the financial onslaught of coronavirus.

"A lot of people are feeling insecure about their financial position, and would prefer to save their cash rather than spend it.

"Some will also be reluctant to hit the shops due to physical distancing and fears of a second virus wave," Browne said.

Despite the dip in retail spending, Finder research shows that a portion of Aussie shoppers remain determined to nab a bargain this EOFY.

Gen Z are the most likely to partake in a spot of retail therapy, with 39% planning to fork out during the mid-year sales compared to just 13% of Baby Boomers.

Browne said there are plenty of deals to be had for those who still plan to shop during EOFY.

"Retailers are anxious to bring in sales after a catastrophic quarter.

"We're already seeing prices slashed by up to 70% at Boohoo and ASOS, and both Sephora and Foot Locker are offering up to 50% off selected products.

"Travel is another area where we're seeing huge discounts. Domestic hotel and car hire rates are being slashed by up to 75% for anyone craving a getaway.

"If you miss out early on– don't despair. I suspect we're going to see deals and discounts hang around for a lot longer this year," Browne said.

For the full list of shopping deals available on Finder, visit https://www.findershopping.com.au/end-of-financial-year-sales.

Do you plan to shop the EOFY sales this year?

Source: Finder June survey, 2020

Tips for nailing the sales

• Know how much you're actually saving. Always compare a product's sale price against the recommended retail price (RRP) to ensure you're getting a good deal.
• Check the returns policy. Retailers don't always refund sale items. With this in mind, it's worth checking out a company's returns policy prior to making a purchase – especially for big ticket items.
• Be wary of postage costs. This can sometimes outweigh the benefit of a discount, especially if you're purchasing from overseas. You may be able to find the same product in stock elsewhere with a retailer who charges less for postage.
• Don't give in to impulse buying. Just because it's a good deal, doesn't mean you should buy it. Make a list of items you actually need in the leadup to the sales, and use this as an opportunity to purchase these items at a fraction of the regular cost.