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EOFY boosts retail OOH as 65% of consumers prefer in-store buys: Shopper

The retail out-of-home (OOH) sector is in luck, as 65% of consumers suggest they prefer to buy in-store rather than online, according to Shopper’s End of Financial Year (EOFY) study this year.

The study – which surveyed 2,516 Australians last month – reveals almost 9 in 10 shoppers will participate in EOFY sales this year.

Across all categories, more than a third of shoppers are likely to visit retailers in-store before purchasing items, and 48% will spend more time shopping during a sale period.

Brands should keep both consumers and businesses in mind when planning EOFY campaigns, as 75% of business owners spend more in the lead up tax time than other times of the year, according to Shopper’s chief marketing officer, Karissa Fletcher.

“End of Financial Year sales trends have evolved. What was traditionally a business-to-business focus in the lead up to the financial year-end now presents an opportunity for brands to supercharge their marketing to consumers.

“While businesses take a tax-driven approach to purchases, securing equipment, technology and upgrades, the consumer is personally motivated and in search of a good deal – and both need to be reflected in the campaign creative.”

She added that brands need to take special measures during the EOFY sale period, as companies compete for consumers’ attention.

“This sale period presents brands with a unique opportunity to target both business owners and consumers with time-sensitive discounts. A heightened sense of urgency, along with projected tax benefits, product and service upgrades and overall value, primes them for purchase.

“It’s also critical to build brand preference in the lead up to key sales periods when competing for consumers attention is at its peak.”

Other findings of the survey include:

  • 73% of shoppers plan to buy a big-ticket item in the next six months, presenting an opportunity for brands to attract new customers through an EOFY push
  • 34% of consumers are likely to trial new brands and products around key sale events, as the risk associated with the purchase is lower than when compared to full-priced items
  • Families are likely to spend 34% more (an average of $717) during the 2022 EOFY sales, compared with the average consumer spend of $535.
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