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News.com.au
6 days ago
- Business
- News.com.au
Aussies are set to spend $10.5 billion on end of finiancial year sales as bargains start to drop
Australian shoppers are tipped to spend $10.5 billion on end of finiancial year sales, up $400 million on last year. New figures released by the Australian Retailers Association (ARA) and Roy Morgan found that more than a quarter of Aussies - around 6.1 million people - will once again hit bricks and mortar stores to snap up a deal. It also revealed that the percentage of people planning to spend online is down 11 per cent on last year. ARA Chief Industry Affairs Officer, Fleur Brown, said the downward turn may indicate people are planning to hit the stores more this year for 'bigger-ticket bargains'. Ms Brown said the most popular categories this year are clothing, footwear and accessories, household appliances, white goods, electronics and tech. She said the sales are important for retailers this year, given the slowdown in discretionary spending during the cost of living crisis. 'Household budgets have been under significant strain and the mid-year/EOFY sales are a great opportunity for shoppers to get great value for money,' she said. 'Many savvy shoppers are on the lookout for work-related products to claim on their tax return. This is making computers, phones, and other technology highly sought after.' Harvey Norman's Executive General Manager for Computer Technology Darren Salakas said the biggest trend this year is 'Next Gen AI devices.' These include Windows PCs, laptops, mobiles and connected home tech, while gaming PCs and wearable tech were also in high demand. 'There's a major trend happening at the moment where tech lovers and professionals are investing in these powerful PCs, not only to supercharge their productivity at work, but for their gaming experiences when they get home,' he said. 'Wearable tech is also booming. Leading the charge is the sleek new Ray Ban meta smart glasses, which combines fashion and function.' Officeworks General Manager of Merchandise Jarryd McCarthy said supplies like paper, ink, pens and Post-Its are high on EOFY shopping lists. 'EOFY is also a key moment for shoppers looking to update their office set up for both form and function, with sit stand desks, ergonomic chairs, office storage and filing items all popular tax time purchases,' he said. Mr McCarthy's top tip for the sales is to get in early. 'June 30 falls on a Monday this year so we're expecting the last weekend of June to be particularly busy,' he said. MYER Chief Merchandise Officer Belinda Slifkas said customers are looking for greater value without compromising on quality investing in seasonal items that deliver warmth, style and longevity. But there are deals right across homewares, beauty, fashion, tech and travel. 'We've seen a strong lift in demand for winter home comforts, particularly for flannelette sheets and quilts. Customer favourites like air fryers, cookware sets and vacuums remain popular,' she said. 'In fashion, trench coats and oversized silhouettes have been standout performers, especially in seasonal tones like camel and burgundy. 'Through our Pay with Points partners like CommBank, Virgin Velocity and AMEX, it provides even more ways for customers to save on their purchases. These programs can also be used with MYER one, so customers will continue to earn points towards their next reward, while using their current loyalty points to pay.'
Yahoo
30-03-2025
- Business
- Yahoo
Woolworths, Coles hit back over supermarket price gouging proposal: 'Tackle the real factors'
Coles and Woolworths want the government to focus on the "real factors" affecting Australian consumers after Anthony Albanese announced a crackdown on supermarket price gouging. The Prime Minister revealed on Sunday plans to introduce a law that would eliminate unfair prices "by the end of the year". The change would hinge on Labor winning the May 3 election, but it would aim to keep prices on supermarket aisles from becoming excessive, especially if a certain product is in high demand. But the two biggest supermarkets believe the government has bigger fish to fry. 'Despite a 12-month inquiry into supermarkets, neither the government or the ACCC found evidence of price gouging,' a Coles spokesperson said. RELATED Coles, Woolworths, Aldi targeted in major $38.8 million supermarket crackdown: 'Turn the screws' Major $30,000 EV tax change from this week despite pleas for reversal: 'Worst possible time' Major banks reveal interest rate cut predictions ahead of RBA's April call: 'Done deal' 'What's needed are measures that tackle the real factors driving higher grocery prices, which are rising costs such as energy, fuel, labour, insurance, production, freight and distribution.' Woolworths added that a recent investigation found there was no evidence of price gouging going on in the industry. 'Woolworths provided thousands of documents, millions of data points to the ACCC and several senior executives participated in public hearings as part of a 12-month-long inquiry into the supermarket sector,' a spokesperson pitch comes just a week after the consumer watchdog dropped a 441-page review of Australia's supermarket ecosystem. The Australian Competition and Consumer Commission (ACCC) admitted that Coles and Woolworths had increased their price margins over the past few years but they weren't "excessive". The ACCC stopped short of calling the supermarket industry a duopoly and instead said there was far less competition here compared to other countries, which hurt shoppers. The watchdog made 20 recommendations to fix issues it found in the sector, which Labor has agreed to "in principle". But Coles and Woolies weren't the only players firing up over the government's price-gouging proposal. The Australian Retailers Association (ARA) referenced the ACCC's report and said inflation at the supermarket checkout has been driven by the higher cost of wages, energy prices, and fuel. "Yet instead of hearing how the government will address these issues, which significantly affect all Australian retailers and consumers, we unfortunately see more taxpayer-funded deflection,' ARA chief industry affairs officer Fleur Brown said. 'The ARA calls on government to focus on policies that drive down the cost of doing business in Australia, which will have a direct impact on grocery prices and the cost of living for Australian families. We need measures that reduce red tape, increase productivity or drive down costs.' Albanese spruiked the policy on the second day of the election campaign and said it would aim to crack down on prices that shoppers deemed excessive. 'I was asked today what price gouging is,' the Prime Minister said. 'It's when supermarkets are taking the piss.' The law would work similarly to regulations in the European Union and US states, which prevent companies from abusing their market dominance. If the rule is brought in by the end of the year, supermarkets could face hefty fines for non-compliance. While Labor didn't reveal how much those fines would be, the harder part will be defining what price-gouging is, as the consumer watchdog's definition isn't clear. 'Prices that people think are too high, known as price gouging, or a sudden increase in price are not illegal,'' the ACCC website said. 'However, the business's behaviour around setting prices may be illegal if it harms competition in a certain way. 'It's also illegal for businesses to make false or misleading claims about prices, including the reason for any changes in prices.' Coles and Woolworths are facing Federal Court action over allegations they broke Australian consumer law. They are both accused of misleading consumers over the quality and value of the Down Down and Prices Dropped promotions on hundreds of supermarket items. They both deny any in to access your portfolio
