Your Ultimate Guide to EOFY Sales
With the lure of huge discounts and extra money from our upcoming tax return, this is usually the time we buy big ticket items. Electronics like laptops are particularly popular with work from home tax deductions on offer. And even fashion items, like a handbag, can be claimed as an essential for your remote office. For more information on how you can maximise your tax return, we have our guide here. Here's our take on getting the best deals this EOFY sales!
There are plenty of deals to consider this season, and you can learn more about your rights and other options as a shopper with us. In this guide, we show you the ins and outs for grabbing a bargain this EOFY.
Why are items on sale at EOFY?
COVID-19 hit retailers hard
Like most industries, retail suffered a wave of uncertainty during the lockdowns. When we stayed at home, fewer shoppers browsed through stores; some even had to close down. Then we took to online shopping and decked out our homes and local travel options with the latest kit. We were panic-buying our items in the earlier part of the pandemic, then we caused sell outs for furniture, vehicles, caravans, and home improvement supplies. But not all merchandise performed as well.
For less favoured stock, expect EOFY deals to be more competitive this season. Businesses are vying for our attention as they minimise the impact of losses from the pandemic.
As consumers, the ball’s in our court! We have the advantage to choose from the many bargains offered to us. We just have to be smart about which ones to spend our money on.
Retailers are trying to get rid of their old stock
Aside from recovering from COVID-19 losses, it’s common for retailers to want to maximise their takings from the current financial year. Essentially, businesses want to clear old stocks to make way for new ones and get as much cash in as they can before the end of the financial year.
Expect to get good deals on old products or items that didn’t sell during the last quarters. This means that last season’s fashion pieces or discontinued office furniture will sell for a bargain. But for items that have a consistently high demand, like the latest playstation, the PS5, or the iPhone 12, you probably won’t get lucky this year.
Where to buy during EOFY sales
Online Shopping
There are many advantages to remote shopping and you can learn more about them here.
Online shopping will be more aggressive this EOFY sale season. Online giant Amazon will be matching prices of in-store products to promote sales. This puts stores like Kmart and Bunnings in a tight spot, which means bigger mark offs for us! With online and offline retailers competing for sales, we anticipate even bigger savings.
In-store Purchasing
If you want the full experience of shopping, visiting instore is the way to go. For some, the physical interaction with products prior to purchasing is vital. Finding the correct pants size, or deciding on the fragrance of scented candle, as examples. There's a lot of benefits to in-store shopping and you can read more about it here.
It can also give you the chance to use your bargaining skills with salespeople. Yep, you can haggle store prices! You can negotiate by choosing items that might get you an extra discount like display models or products with depreciated quality because of a tiny scratch or a missing button.
What to buy
Electronics like laptops, smartphones, and tablets are always popular in EOFY sales. Items that are about to be discontinued will get you a huge markdown. If you’re someone who doesn’t mind a rather dated model, this is the time to purchase that big ticket item.
It’s also a good time to spruce up your home with new appliances and smart devices! Get that fridge you’ve been putting off buying or the fancy cord-free vacuum you’ve been eyeing.
Smart home gadgets like home meshes and TV streaming devices will also be on sale. The EOFY sale is a good time to start investing in the quality of your home.
With the ever changing weather in Australia, it’s also a good time to put money down on seasonal clothing. Get thermal pieces and even summer clothes. You’re sure to need them eventually, just make sure you only buy items you will use.
These are just some of the many items on sale this end of financial year. You can also expect discounts on other items like flights, cars, home entertainment pieces, and gaming hardware and software. It’s okay to splurge, but try not to overindulge on unexpected purchases—don’t impulse buy! For more advice, we’ve rounded up some tips on how you can maximise EOFY sales.
Tips on EOFY sales purchasing
Only buy things you need
You’re only getting a good deal if you genuinely like or need the item. In other words, it’s only a bargain if you wanted it when it was at full price! Think of items you’ve been wanting to buy but delayed purchasing to wait for a good price. These should be at the top of your list, and if you can help it, the only things on your list.
Don’t buy because of your extra tax money
EOFY sales are usually around the time you get your tax returns. But your spare money shouldn’t be an excuse to get that upgrade you didn’t prepare for or don’t need in the first place. It might be tempting, but it’s better to put that extra money in the bank.
Think quality over quantity
Do your research before you get charmed by that Buy 1 Get 1 Free deal. Sometimes, the tag doesn’t always reflect what it promises. Make sure you do some digging on original prices and other fees to make sure you’re getting a good deal. Before you check out, you might also want to scan postage costs and even refund policies.
Buy in the latter part of June
By the end of June, retailers are panicking to sell their extra merchandise. This gives you the chance to get previously half off priced items at even lower costs! So if you’re certain that your item won’t go out of stock, wait until the latter part of EOFY sales.
Don’t experiment on payment methods
EOFY sales is not the time to try payment methods you’re not sure of. Buy Now, Pay Later alternatives might be attractive, but you would want to consider a payment option that allows you to refund or replace your item if it’s not delivered or as described.
Be wary of extra charges
Extra charges need to be viewable in the headline price of goods according to the Australian Consumer Law (ACL). This is particularly true for online shopping. You should immediately be able to see full prices and any extra costs, including charges for pre-selected items. If you don’t want extras in your purchase, you should also have the option to deselect or take them out of your order.
If you’re ever deceived by sale prices or if your item wasn’t what you expected it to be, lodge your complaint with us. We’ll help make sure you get a good deal out of your end of financial year purchase.
