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How to score the best bargains during EOFY sales

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You may have noticed advertising for end of financial year (EOFY) sales popping up on TV, online and in stores.

While Boxing Day is generally the biggest sale period of the year, we often see high-quality discounts around June as well.

Retailers are in the business of making sales all year round but June is their last opportunity to meet yearly financial targets. And what better way to entice customers to spend than to put on a sale.

While EOFY sales generally start around mid-June, this year we've seen big retailers such as David Jones start as early as June 1. In fact, we expect retail spending for household goods, clothing and department store items to reach $8 billion in June alone.

eofy sales clothes shopping retail end of financial year savings discounts sales

Many EOFY deals are sitting at the 20% or 30% off mark but we've seen some brands offer up to 60%-70% off. With pressure from online and overseas retailers, competition among local brands is fierce and stores are discounting hard-to-maintain market share.

Though consumers are the real winners and it's a great time of year to snap up a few bargains, it is important to keep the following in mind:

  1. Shop strategically

While you might be tempted to pick up the dress that you've been eyeing all season, you'll be better off buying big-ticket items that you've put off purchasing. Clothing is more regularly discounted, so now is the time to be buying a laptop, mattress, TV or fridge.

  1. Do your research

Don't let the "while stocks last" slogan pressure you into buying something on the spot. Shop around and do your research to make sure you're getting the best deal. Plus, many stores will increase their discounts in the final days before June 30, so you could be better off holding out until later in the month.

  1. Ask if it's the best deal

If you don't ask, you won't get. At the end of the day, retailers want you to buy something in their store. Always ask for an extra discount or if they are offering you the best price. They may not drop the price but they could throw in a few extras.

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Bessie Hassan is a money expert at Finder.
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