Seventy-four per cent of Queenslanders are planning to splash out on goods and services during the end-of-financial-year (EOFY) sales this year, new RACQ Bank research has revealed.
This despite 48% expressing lack of confidence in their financial situation and having no savings left after bills and other expenses.
According to the RACQ research, of the people planning to spend money in the upcoming sales event, 50% will spend up to $500, 14% between $501 and $1,000, and one in 10 will fork out more than $1,000.
Michelle Winzer (pictured above), RACQ Group executive banking, said the number of Queenslanders struggling or just getting by is a serious concern and sadly reflects how many families are impacted by cost-of-living pressures.
“The number of people lacking confidence in their financial situation has increased nearly 10% since January to 48%, with our survey results revealing the lowest level of confidence since October 2021,” Winzer said. “Pleasingly, as the cost of everyday essentials continues to rise, it is good to see half of Queenslanders are planning to use the EOFY sales as a way to save money on items they need.”
Findings also showed that nearly one in five will buy items sporadically if they see a good deal, and 22% when they feel like they are getting a good deal.
“It’s easy to get caught up in the excitement of EOFY sales, but in the current economic climate, it’s important to make a list of the items you need and stick to your budget, so you don’t spend money unnecessarily,” Winzer said.
“During this challenging time, Queenslanders are urged to be strategic and plan early to ensure they make the most of the EOFY prices while they are lower. Setting aside time to plan early is one of the best ways to navigate the end of the financial year.”
Fashion and household appliances are among the top items Queenslanders would likely buy in this year’s EOFY sales, followed by electronics/technology, and mobile phones, the RACQ research found.
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