Aussie shops kick off massive EOFY sales earlier than expected. Why the rush?
- Replies 11
As the calendar pages turn and we approach the end of the financial year, it's not just the accountants who are bustling with activity.
Retailers across Australia are gearing up for the annual End-of-Financial Year (EOFY) sales, and this year, they're starting earlier than ever.
Let's examine the surprising reasons behind this trend and how shoppers can take advantage of these deals.
Traditionally, EOFY sales are when retailers clear out old stock before inventory counts and the new financial year begins.
However, this year, stores are slashing prices on everything from the latest electronics to winter clothing well ahead of schedule.
For instance, JB Hi-Fi launched its 'Wicked Wednesday' sale, offering half-price deals on top electronic brands like Bose, Dyson, and Microsoft.
Store manager Christine Skeed touted it as the brand's most significant sale of the year, happening only three times annually.
Similarly, The Good Guys's Auburn store started offering discounts on various products, including televisions and air fryers.
'Across the store, you can get up to 50 per cent off,' said store manager Matt Day.
Clothing retailers followed suit, as Cotton On rolled out its sale, followed closely by Myers and Big W.
You may ask—what prompted this early-bird approach to EOFY sales?
The answer lies in the current economic climate—retail profits took a hit as consumers tightened their belts amidst the cost-of-living crisis.
'Let's face it, the retail market is hurting. They want consumers to spend, but the cost of living crisis is forcing consumers to keep their wallets shut,' financial expert Effie Zahos explained.
Retailers' early start to EOFY sales is a strategic move to entice customers to spend before the financial year wraps up.
With tax changes on the horizon come July 1, experts suggest that consumers could benefit from making purchases now.
For example, when buying an item for $300 or less, you can claim the full amount as a single deduction in your tax return.
For items over $300, a portion of the cost can be claimed each year.
'It could pay for some people to bring forward some of their expenses; this financial year, they may find they could get more bang for their buck,' Zahos added.
'Remember you're not going to get 100 per cent back in a refund of what you spent.'
So, what does this mean for you? It's an opportunity to plan purchases wisely.
However, remember that a sale isn't a reason to spend indiscriminately—always consider your budget and needs first.
As these sales begin to pop up like autumn leaves, take a moment to assess what you need, research the best deals, and make informed decisions.
Whether upgrading your gadgets, refreshing your wardrobe, or simply treating yourself to something special, the early EOFY sales are a chance to save while spending.
Have you taken advantage of an EOFY sale in the past? What are your strategies for navigating these deals? Share your experiences and tips in the comments below, and let's help each other make the most of this year's early bargains.
Retailers across Australia are gearing up for the annual End-of-Financial Year (EOFY) sales, and this year, they're starting earlier than ever.
Let's examine the surprising reasons behind this trend and how shoppers can take advantage of these deals.
Traditionally, EOFY sales are when retailers clear out old stock before inventory counts and the new financial year begins.
However, this year, stores are slashing prices on everything from the latest electronics to winter clothing well ahead of schedule.
For instance, JB Hi-Fi launched its 'Wicked Wednesday' sale, offering half-price deals on top electronic brands like Bose, Dyson, and Microsoft.
JB Hi-Fi showcased their EOFY deals online, which included mobile phones, audio gear, and laptops among others. Image Credit: JB Hi-Fi
Store manager Christine Skeed touted it as the brand's most significant sale of the year, happening only three times annually.
Similarly, The Good Guys's Auburn store started offering discounts on various products, including televisions and air fryers.
'Across the store, you can get up to 50 per cent off,' said store manager Matt Day.
Clothing retailers followed suit, as Cotton On rolled out its sale, followed closely by Myers and Big W.
You may ask—what prompted this early-bird approach to EOFY sales?
The answer lies in the current economic climate—retail profits took a hit as consumers tightened their belts amidst the cost-of-living crisis.
'Let's face it, the retail market is hurting. They want consumers to spend, but the cost of living crisis is forcing consumers to keep their wallets shut,' financial expert Effie Zahos explained.
Retailers' early start to EOFY sales is a strategic move to entice customers to spend before the financial year wraps up.
With tax changes on the horizon come July 1, experts suggest that consumers could benefit from making purchases now.
For example, when buying an item for $300 or less, you can claim the full amount as a single deduction in your tax return.
For items over $300, a portion of the cost can be claimed each year.
'It could pay for some people to bring forward some of their expenses; this financial year, they may find they could get more bang for their buck,' Zahos added.
'Remember you're not going to get 100 per cent back in a refund of what you spent.'
So, what does this mean for you? It's an opportunity to plan purchases wisely.
However, remember that a sale isn't a reason to spend indiscriminately—always consider your budget and needs first.
As these sales begin to pop up like autumn leaves, take a moment to assess what you need, research the best deals, and make informed decisions.
Whether upgrading your gadgets, refreshing your wardrobe, or simply treating yourself to something special, the early EOFY sales are a chance to save while spending.
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