It's official - we love never-ending sales!
If You didn't know it before, you know it now - Australia is a nation of bargain hungry online sales shoppers.
Today’s release of the PayPal mCommerce* Index: Trends Report 2019 reveals almost seven in ten Aussies (68 per cent) admit they are always on the hunt for discounts when shopping online and half (50 per cent) say they have waited until an item was on sale before buying it online.
While Aussies love a good sale, our younger generations are even more discount hungry, with three quarters of Gen Z (77 per cent) and Gen Y (73 per cent) respondents confessing they are always looking for sales.
Surprisingly, it’s not just the younger generations on the hunt for a good deal. More wealthy Aussies, specifically those on an annual income of $150,000+, were also the most likely to actively seek out discounts (74 per cent), regardless of their age.
So, what’s driving our hunt for a bargain? The research showed that some deals are just too good to miss and nearly one in five Australians (18 per cent) suffer from sale-related FOMO (fear of missing out), saying “I feel like I’m losing money if I don’t buy an item when I see it on sale.”
This jumps significantly for Gen Z (27 per cent) and Gen Y (25 per cent) shoppers.
PayPal’s Shopping Expert, Danielle Grant said: “Aussies love a bargain, and we’re seeing more and more savvy shoppers take advantage of the nearly always-on sales cycles from businesses across the country.
"It’s definitely a more strategic approach to shopping, with half of Aussies (50 per cent) saying they’ve watched and waited until something was on sale before snapping it up at a bargain price," he said.
“We also found Aussies take advantage of the sales to try out new brands or products without breaking the bank.”
Over half of Australians (58 per cent) have made a sales-driven impulse purchase in the last three months, with the average shopper buying 2.7 items, spending $108 on an impulse after seeing items on sale. Gen Y are the biggest impulse spenders buying, on average, 3.6 unplanned items at a cost of $145 in the last three months.
However impulse buying is not without its risks. More than a quarter of Australians (28 per cent) have bought something online because it was on sale but regretted it later. Younger shoppers are even more likely to experience buyer’s remorse, with more than a third admitting they have felt guilty after making a sales-driven purchase (Gen Z 39 per cent, Gen Y 35 per cent).
Nearly one in six (16 per cent) younger shoppers (18-36 years) said they are addicted to shopping the sales. Interestingly, Gen Z were nearly four times as likely to say they’re addicted to ‘shopping the sales’ compared to Gen X (19 per cent vs. 5 per cent), indicating the obsession for sales is more prevalent among younger shoppers.