Shoppers across Australia are being urged to descend on CBD locations and ‘go to town’ on End of Financial Year (EOFY) bargain prices. $15 billion forecast for EOFY sales
Peak industry body the National Retail Association forecasts that consumers are on track to splurge $15 billion in the final 14 days of the current financial year.
NRA CEO Dominique Lamb said the coming days present a perfect opportunity for shoppers to ‘go to town’ by returning to the inner-city to take advantage of bargain prices.
“End-of-financial-year sales are a signature event on the retail calendar. It offers consumers great prices across the entire sector as retailers seek to clear stock,” Ms Lamb said.
“Shoppers are poised to splurge $15 billion in retail sales across Australia in the final two weeks of June. This also comes at a crucial time in Australia’s recovery from the COVID-recession.
“Recent economic indicators show that Australia is performing better than expected but the pandemic is still not fully behind us. Foot traffic in CBD locations such as Sydney, Melbourne and Brisbane remains well below pre-pandemic levels and worsens with each lockdown so it’s important consumers start to head back to these precincts.
“As usual we expect clothing and fashion retail to feature prominently now that we have officially moved into winter. Electronic and furniture items are also expected to fly out the door in the coming days.”
“Online is also expected to be a popular sales avenue and we forecast more than $2 billion in purchases to take place digitally.”
Ms Lamb also has several tips for shoppers to ensure they get the best bang for their buck between now and July 1.
“An easy trap to fall into during EOFY sales is impulse buying – shoppers should think carefully as to how much they need a product and how long they would use it for,” Ms Lamb said.
“Compile a budget and compare the price of any reduced item between competing retailers to guarantee that you get the best price possible.
“We also urge shoppers to think ahead and look for any items that may be good Christmas presents before prices rises again in the coming months.”
NRA’S PROJECTED EOFY SPEND:
| State | 2021 EOFY final 14 days of June |
| NSW | $4.7 Billion |
| VIC | $3.8 Billion |
| QLD | $3.1 Billion |
| SA | $990 Million |
| WA | $1.7 Billion |
| TAS | $312 Million |
| NT | $150 Million |
| ACT | $282 Million |
| Nationwide | $15 Billion |
| Online | 2021 EOFY final 14 days of June |
| Nationwide | $2.1 Billion |
*The $15 billion nationwide spend in the final 14 days of June is inclusive of online sales.
**Victorian forecast subject to continued easing of restrictions.
$15 billion forecast for EOFY sales $15 billion forecast for EOFY sales