Tuesday, June 18, 2024

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 1063 respondents revealed a whopping 46% of Australians – “equivalent to 9.3 million people” – have or plan to shop during the big sales events this year.

Black Friday is the most popular sales event, with almost one in three Aussies (30%) – “equivalent to six 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.

Finder Head of Consumer Research Graham Cooke says 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 two in five (43%) plan to splurge on electronics and gadgets, while almost one in three (31%) are looking to buy beauty products.

More than one in four (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.

Mr 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 a 8% increase over the last year, but this is 15th overall.

“Eight out of the top ten price increases are for food items – so consumers might be better off hunting for discounts in the grocery aisle rather than the clothes shop.”

He 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,” Mr Cooke said.

Did you shop OR do you plan to shop during the following sales in 2023?
Black Friday 30%
Boxing Day 26%
Cyber Monday 14%
Amazon Prime Day 11%
Afterpay Day (already passed) 8%
Click Frenzy 6%
Singles’ Day 3%
Vogue Online Shopping night (already passed) 1%
None of the above 54%
Source: Finder survey of 1063 respondents, September 2023.

 

What did you buy OR plan on buying during the sales season this year?
Clothes/shoes 61%
Electronics/gadgets 43%
Beauty/makeup/skincare 31%
Food/alcohol 27%
Accessories (e.g. handbag, jewellery, hair clips, etc) 25%
Toys 23%
Manchester/homewares 16%
Furniture 14%
Travel 13%
Whitegoods 8%
Other 3%
Source: Finder survey of 491 respondents who plan on shopping the sales events, September 2023.

 

Top 20 annual price increases for retail goods (%)
Cheese 16%
Bread 12.6%
Ice cream and other dairy products 11.2%
Dairy and related products 10.2%
Bread and cereal products 9.7%
Oils and fats 9.3%
Cakes and biscuits 9.1%
Spare parts and accessories for motor vehicles 9.1%
Fish and other seafood 8.7%
Pets and related products 8.7%
Spirits 8.4%
Cleaning and maintenance products 8.4%
Other food products n.e.c. 8.1%
Take away and fast foods 8%
Games, toys and hobbies 8%
Eggs 7.9%
Automotive fuel 7.9%
Snacks and confectionery 7.3%
Domestic holiday travel and accommodation 7.3%
Carpets and other floor coverings 7.1%
Furniture 2.3%
Footwear 2.0%
Clothing and footwear 0.9%
Household textiles -0.6%
Small electric household appliances -1.9%
Major household appliances -2.9%
Source: Finder, ABS.

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