Why big EOFY sales are starting early this year
End-of-financial year sales are starting early this year, with retailers discounting everything from electronics to clothes.
JB Hi-Fi Parramatta will kick off its EOFY sale tomorrow with "Wicked Wednesday" offering half-price deals on electronic brands like Bose, Dyson and Microsoft.
Store manager Christine Skeed said it's the brand's biggest sale this year.
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JB Hi-Fi Parramatta will kick off its EOFY sale tomorrow with "Wicked Wednesday" offering half-price deals on electronics. Nine
"It's one of the biggest sales of the year, we only do it three times a year and this Wednesday, it's happening," Skeed said.
Auburn Good Guys also have a sale starting on Thursday, with the retailer, which is owned by JB Hi-Fi, offering discounts on televisions, air fryers and more.
Store manager Matt Day said there's plenty of stock to sell
"Across the store, you can get up to 10, 20, 30, 40, 50 per cent off."
Clothing stores are also offering large discounts, with Cotton On's sale already starting.
Myers sale will start tomorrow, while Big W's will start on Thursday.
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End of financial year sales are starting early, with retailers discounting everything from electronics to clothes. Nine
Clothing stores are also offering large discounts, with Cotton On's sale already starting. Nine
Vodafone will start its deals on Friday while Ebay's sale starts online on June 13.
The sales come as retail profits take a nosedive as shoppers cut back on discretionary spending in the cost of living crisis.
"Let's face it, the retail market is hurting," financial expert Effie Zahos said.
"The want consumers to spend, but the cost of living crisis is forcing consumers to keep their wallets shut."
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Effie Zahos says consumers are reluctant to spend. Nine
With tax changes coming in on July 1, experts say consumers could be better off buying now.
"It could pay for some people to bring forward some of their expenses, this financial year, they may find they could get more bang for their buck," Zahos said.
"Remember you're not going to get 100 per cent back in a refund of what you spent."
If an item is purchased for work that costs $300 or less, consumers can claim the full amount as a single deduction in one tax return.
If it costs more than $300 a portion of the cost can be claimed each year.
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