Retail Beauty recently reported that Australian retail sales rose 9.9 per cent in April to reach a record $33.9 billion online and in-store. There’s another bonanza on the way predicts the Australian Retailers Association (ARA) in collaboration with Roy Morgan research.
Retailers nationwide have already started their mid-year discounts in the run-up to the end of the financial year. The ARA estimates that bargain seekers will fork out $8.8 billion in-store and online as businesses scramble to sell excess inventory.
According to the research, 6.2 million Aussies plan on shopping during the mid-year sales. The average outlay is predicted to be $1420 and 83 per cent of those surveyed said they planned to spend the same or more than they did last year.
The three biggest spending states will be NSW ($3.3 billion), Victoria ($1.9 billion) and Queensland ($1.7 billion). Men are on track to spend at a higher rate – $1778 by contrast to $958 for women.
Paul Zahra, CEO of the ARA, is encouraging consumers to head into their respective CBDs during the mid-year sales to check out the widest selection of discounts and support retailers.
The mid-year sales are a great opportunity for consumers to pick up a bargain as retailers look to clear out 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 new financial year.”
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, adds Zahra. “Foot traffic remains well below pre-pandemic levels in our capital cities due to flexible working whilst 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.”
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