Retailers have kickstarted their mid-year sales campaign, with the Australian Retailers Association (ARA) predicting Aussies to spend $8.8 billion.
The forecasts from the ARA, in collaboration with Roy Morgan, show that:
- 2 million Australians plan on shopping in the mid-year sales and will spend an average amount of $1420 each.
- A “large majority” (83%) of consumers planning to spend during the mid-year sales say they plan to spend the same or more than they did last year.
- Of the $8.8 billion that’s forecast to be spent, $3.2 billion will come from NSW, $1.9 billion from Victoria and $1.7 billion from Queensland.
- Consumers planning to spend during the mid-year sales will be doing an average of 52% of their shopping online
- Men will spend at a far greater rate, with average purchases totalling $1778 compared to $958 for women.
ARA CEO Paul Zahra is encouraging consumers to head into the CBD for their mid-year sales shopping to take advantage of the broadest selection of bargains and support those businesses who continue to be impacted by low levels of foot traffic.
“The mid-year sales are a great opportunity for consumers to pick up a bargain as retailers look to clear out their excess stock,” he says.
“Expect to see prices slashed on a range of items from fashion, shoes and accessories to electronics, bedding and homewares as retailers make room for their new season lines to start the next financial year.
“With tax time around the corner, savvy consumers will also be on the lookout for work related products which they can then claim from July 1, so we expect products like computers, phones and tablets to be popular purchases.
“It’s also a great opportunity for consumers to make a day of it and head into the city for their mid-year sales shopping. Foot traffic remains well below pre-pandemic levels in our capital cities due to flexible working while tourist numbers will take years to bounce back. Coming into the city and having the full shopping and dining experience will go a long way to boosting the recovery efforts of those businesses.”