How to score the best EOFY deals
AS TAX time draws closer, so too do the End of Financial Year sales.
Studies have shown most of us plan to shop the sales, with appliances, clothing, furniture and homewares among the most popular items this year.
According to new research from Salmat, 66 per cent of Aussies plan on shopping the EOFY sales, with 22 per cent planning a shopping spree as soon as the sales are announced, 32 per cent expecting to shop at some point in June, while 14 per cent will hold out until the last week of the month in a bid to score the biggest markdowns.
Salmat's retail business consultant Dan Salter said the overwhelming majority of shoppers believe price was the most important factor when shopping, followed by quality, convenience, product availability and promotions.
"Whether shoppers choose to use the 'conventional' bricks-and-mortar method or the virtual one, as a customer, due vigilance is still the best way to be savvy while spending your hard earned money," he said.
Mr Salter said the best way to get the most out of the sales was by signing up to your favourite brand's newsletters and looking out for EOFY codes for further discounts.
He also advises following your favourite brands on social media, and checking out trending products to see the best deals other shoppers have found and looking at reviews to help make your purchase decision.
Mr Salter said consumers should always research and check the front and back pages of catalogues for the best deals.
He urged shoppers to act quickly before retailers sell out, and to use online tools like Lasoo to make EOFY sales planning easier.
"Retailers target those without a plan so to keep an eye on your purse strings, go in with a plan and do your research in advance," Mr Salter said.
Apparently, people with a combined household income of $100,000 to $149,000 were the most budget-conscious, while those earning less than $39,999 were likely to base their purchase decisions around getting a deal.
"Big-ticket items such as furniture and home appliances are expected to be the most popular in this year's busy EOFY sales period," Mr Salter said.
"We're seeing that shoppers are voting with their pockets and demanding strong discounts come sales time before they spend up big.
"Demand for low prices are bolstered by the current price wars among retailers, spurred on by the arrival of online marketplaces like Amazon."
And according to comparison site finder.com.au, nine million of us plan to make use of EOFY sales, despite so-called "discount fatigue".
Finder's money expert Bessie Hassan said while sales seem to kick off every other week, the EOFY sales usually offer good value for money.
"Discount fatigue is a real phenomenon as many shoppers are bombarded with sales and offers for every holiday or social event," she said.
"With retailers frequently discounting, it can be hard and even tiresome to figure out what is actually a good deal.
"But we generally see strong offers during EOFY sales as retailers rush to sell as many goods to build up their profits for the financial year."
A previous finder.com.au survey found 22 per cent of Australians don't wait for specific sales, because retailers discount all the time.
According to finder.com.au, electronics and clothing will be big categories this year, with just 11 per cent of us shopping for holidays at EOFY sales.
Some of the site's top picks of the EOFY sales include up to 50 per cent off a range of women's, men's and kid's fashion and accessories at David Jones, up to 50 per cent off select business desktops from Dell, up to 50 per cent off more than 25,000 selected styles at The Iconic and up to 40 per cent off more than 15,000 items at Zaui.