Nothing will get in the way of a good sale, not even warnings on the economy with interest rates expected to continue to rise.
Consumer research released today reveals an extra half a million shoppers more than last year will be seeking a bargain in the Boxing Day sales this year.
All up it is expected that 42% of all Aussies plan to shop the Boxing Day sales this year, up from 39 per cent who said they shopped last year.
While more people are planning to shop the sales, many are planning to spend less than they did last year, with the average planned spend this year at $483.20, down from $501.60 in 2021.
The research showed cost of living pressures remain top of mind for many savvy shoppers, with eight in ten (78%) planning to shop the sales to purchase essentials when they are on sale. But it remains to be seen if the shoppers can resist the urge to buy a bargain they never planned for.
The CBA’s General Manager of Shopping behind the research, Rochelle Eldridge said: “It’s great to hear so many shoppers are using the sales to buy things already on their list that they are looking to purchase anyway. Hopefully the discounted prices will provide some relief to many Australians’ hip pockets to help them get items they need at a more affordable price.”
Top spend categories include fashion and clothing (47%), followed by technology and electronics (38%) and appliances (36%). Only 13% plan to shop for travel-related purchases.
When it comes to shopping online vs in store around seven in 10 (68%) intend to shop online or via their mobile while 52% plan to shop in store.
According to historic CommBank debit card data from December 2021, in-store transaction volumes represented 74%, while online transaction volumes represented 26%.
Ms Eldridge continues: “If you don’t know where to start, try checking your banking app. CommBank customers can access a range of personalised shopping offers and cashback in the CommBank app and can see new offers regularly. Whether you want AirPods or air fryers, we hope to give customers more value and help them to save when they spend.”
And we have to be thankful that there are still some level headed shoppers out there, as the research also revealed the reasons behind those that will choose not to shop in the Boxing Day Sales this year and getting ready to tighten the belt, top top responses were:
- Not sure I have enough money to shop this year (40%)
- Nothing I need or want to buy (35%)
- I can’t afford to due to the rising cost of living (28%)
The focus on spending less on non-essential items during Boxing Day sales is also reflected in consumer attitudes for next year. Of people’s planned 2023 financial goals, one of the top goals is to spend less on non-essential items, with one in two people prioritising this for next year.
Top tips for spending only what you need in the Boxing day sales
In the heat of the moment don’t get carried away
Make a list and check it twice – Make a list of the items you would like to purchase on sale. And set a budget for how much you can afford to spend.
Set a savings goal – if you plan to shop, try tocut down on discretionary spending and set a savings goal to meet ahead of the sales. This will ensure you’re set up for success on the day – and can enjoy shopping.
Do not pay in instalments – if you can’t pay for it upfront, consider the fact you can’t afford it, and walk away.
