Australian shoppers are tipped to spend more than $10 billion at end of financial year sales, an almost nine percent increase from last year.
Research commissioned by the Australian Retailers Association (ARA) found more than a quarter of Australians, around 6.2 million people, said they would participate in the sales, up by more than 400,000 from last year.
ARA CEO Paul Zahra said those who planned to shop in the mid-year sales would each spend an average of $1638, up $22 per person from 2023.
Mr Zahra said the most popular categories were clothing, footwear and accessories, mentioned by 39 percent of respondents, with 12 percent eyeing electronics and tech, household items and décor.
“Whilst an additional $800 million will be spent this year, much of that increase is due to Australia’s rapidly growing population,” he said.
Mr Zahra said the end-of-financial-year sales were important for retailers this year, given the slowdown in discretionary spend.
“These sales will likely represent one of the last significant opportunities for retailers to stimulate sales, given the current, protracted consumer spending downturn.”
