- Retailers are looking to grab those last end of financial year profits and clear out old stock – meaning big savings for you!
- Household goods, electronics, furniture and health & personal care top the list of biggest sellers at this time of year.
- Discover how you can make the most of the EOFY sales and boost your credit cards points balance too.
Did someone say bargain? As the end of financial year approaches and the weather gets cooler, the struggle for retailers to get people out from under their blankets and into their stores gets harder. Enter the end of the financial year (EOFY) sales.
With the lure of big savings to be made, we're already starting to see great offers on big-ticket items pop up. In the past, sales used to start around mid-June but in recent years we’ve started to see the beginning of the sale season creep further forward.
The end of the financial year is the last chance for many large brands to meet their financial targets and bolster their profits.
They are also looking to reduce stock and make space for new season items, which means good news for shoppers who can find genuine savings.
When we add online and overseas retailers into the mix, the competition becomes fierce for stores to maintain market share.
That’s why we’ll see most EOFY deals offer discounts of around 20–30%. But some deals are closer to 60–70% off.
Big ticket items such as whitegoods and furniture are always big sellers at this time of year. And we are seeing more and more people doing their research and planning their purchases online before they head in-store. So it’s more important than ever for large retailers to have a strong online presence to complement the in-store experience.
We take a look at how you can grab a bargain at the EOFY sales and boost your points balance too.
What sales can we expect to see?
In last year’s EOFY sales shoppers splashed around $26 billion to nab themselves a bargain, making it one of the biggest sales periods of the year. We’ve started to see some sales pop up now, with most appearing at the end of May and running all throughout June.
Topping the list for the most purchases and largest discounts are the big-ticket items, with household goods and appliances coming out on top – the big stuff that you so often put off buying until it’s unavoidable because you’ve worn out your welcome taking your clothes home to your mum to wash. If you need a new washing machine, fridge, dishwasher or clothes dryer, microwave, slow cooker or coffee machine, now is the time to start looking for a great deal to make the biggest savings.
This is closely followed by great deals on electronics and technology with TVs, laptops, smartphones and soundbars all at reduced prices.
Personal care and health get a look in too, with fitness trackers proving to be a popular choice. You’ll also find some great savings on furniture and designer fashion.
Tips to make the most of the sales
With percentage-off posters showing up in shop windows, sales brochures filling up your letterbox and ads cropping up into your newsfeed online, it can be easy to get carried away when you spot a bargain. But taking a step back, having a good plan and doing a little research can lead to finding the best EOFY deals. This should be your game plan:
- Make a list of who you want to buy for and the things you actually need. Be strategic about what it is that you purchase. Since everything is on sale it can be hard to stay focused and only buy what you really need. While it can be tempting to snap up some change of season clothes, they are more regularly discounted throughout the year. So laptops, TVs and other electronics are where the real deals are to be had.
- Think ahead to what is coming up. Do you have any birthday, wedding or Christmas presents you can grab now for a steal?
- Do the legwork by finding the best deal online before you head to the shops. We’re lucky to have a quick and easy way to compare prices beforehand, so you are less likely to be swayed by impulse purchases. Lots of stores increase their discounts in the final days before 30 June, so if you can hold off until later in the month, you could save yourself even more.
- Sign up for your favourite brand's email newsletter. They might offer further specials just to their mailing list, using EOFY codes.
- Try and visit stores during the week if you can, to avoid the big crowds. Or if you do need to go on the weekend, head there in the mornings before the rush.
- Even if prices are already discounted, don’t be afraid to ask if it’s the best deal. Because if you don’t ask, you don’t get. Even if a further price drop isn’t possible you’ll often get a few extras thrown in for big purchases.
Shop with your rewards credit card and boost your points balance
Once you’ve got a plan of attack for what you want to buy, now’s the time to get smart about which rewards credit card you use to give yourself a double win – an EOFY discount and a boost to your points balance.
Take advantage of interest-free days that your credit card offers. That way you'll buy yourself some time to pay off your EOFY purchases before interest is charged. This is good for people who regularly pay off their card balance in full each month.
Your end of financial year purchases make it the perfect time to really see your points balance soar. The sales aren’t just available at the big department stores, so check out smaller retailers and online stores who are looking to clear their stock.
Look to shop with bonus points partners, where you can often double or triple the points earn rate. But don’t just shop for the sake of points. Be mindful that you may need to trade off whether you make a purchase from somewhere that can give you the most points or the biggest discount. In an ideal world you’d get both from the one purchase, but this won’t always be the case.
And you’ll want to keep in mind that not all purchases may be eligible for a points boost. Items such as gift cards are often excluded.
What to look for in a credit card to maximise EOFY savings
While interest rates are something many look for when shopping around for a credit card, rewards are becoming more of a factor too with these types of cards improving their offerings in recent years. Frequent flyer points for travel still top the list, but there are lots of other perks you can take advantage of, from cashback rewards and discounts on your favourite products from sites like eBay, The Iconic, David Jones, The Good Guys, and Harvey Norman, to bonus points for shopping at the Qantas Online Mall or Velocity eStore using your preferred credit card.
The key is choosing a card that rewards you for the type of spending that you normally make. If you’ve already got a credit card, you can go through your past statements and check to see the types of things you buy and the amounts you are spending. That can help you to pick a card that would maximise your rewards.
If you are loyal to one airline, then a co-branded card from them could make the most sense for you. But if you don’t travel too much, then a credit card that allows you to earn points on everyday expenses and redeem them for online purchases might be more suitable.
Next, consider a card that comes with a 0% p.a on purchases offer. This is good for when you make that big-ticket purchase and want to give yourself longer to pay it off than the billing cycle and interest-free days allow. These types of interest-free promotions are often available, and it’s worth comparing them to see the best deals.
Pay attention to any sign-up bonuses that are on offer. It’s not uncommon for credit card providers to offer enticing bonuses to attract new customers, and it works out to be a neat way to accumulate points fast. But be sure to check and understand the terms of the bonus, as you’ll often need to spend a certain amount of money within a specified time in order to qualify.
Start creating your shopping wish list now and be prepared to maximise your savings and your points as we head closer to June 30.