With Christmas less than a week away, it’s time to start finalising your Boxing Day sale wish list – along with shopping strategies.
Commonwealth Bank research released on Tuesday shows the number of Australians planning to shop at Boxing Day sales this year has risen to 42 per cent, up from the 39 per cent who said they shopped last year.
More shoppers are planning to take advantage of the sales, but many are planning to spend less than in previous years as the cost-of-living pinch remains top of mind, with the average planned spend at $483.20, down from $501.60 in 2021.
Choice data from a survey of 900 people shows clothes and small kitchen appliances are topping Boxing Day shopping lists.
Next on that list was buying reduced-price Christmas decorations or groceries for next year’s festive season, phones, and then whitegoods.
Choice editorial director Marg Rafferty said Boxing Day sales can be a good time to buy something you’ve had your eye on at a cheaper price if you do your research beforehand.
“We found nearly half of shoppers intending to buy at the end-of-year sales had been delaying the purchase in the hopes of getting a better price,” she said.
“However, preparation is still key when it comes to getting a good deal – and to avoid walking away with products you don’t need.”
Do your research
Before heading out to hunt for deals, Ms Rafferty recommended researching the products you plan to buy, especially if they’re expensive.
This research should include comparing prices of the same or similar products across different stores to make sure you’re getting the best bang for your buck.
“Many retailers also offer price matching, so keep that in mind when you’re shopping in the sales,” she said.
Make a list
With the cost of living only set to rise, sticking to your household budget is more important than ever.
Writing up a list of the products you want to buy during Boxing Day sales will help you determine how much you can afford to spend, and hopefully act as a deterrent for impulse purchases.
Think twice about extended warranties
Shoppers in Australia are protected by a number of consumer guarantees.
This means when a business sells a product or service that doesn’t meet basic consumer rights within a reasonable period of the purchase being made, shoppers must be offered a free repair, replacement or refund.
So if you’re offered an extended warranty with your new purchase this Boxing Day, think twice before paying more.
“You might be offered an extended warranty with new purchases this Boxing Day, but often these are pretty poor value,” Ms Rafferty said.
“Retailers may sometimes try to sell you an extended warranty, claiming it’s necessary for extra protection. Our tip is: Don’t pay for rights you already have.”
Don’t spend money you don’t have
It might be tempting to take advantage of all of the deals you can get your hands on, and buy now, pay later platforms offer to make it a bit easier to make some extra purchases.
But platforms like Humm, Afterpay and Zip Pay don’t provide money for free.
Using these services can be risky if you’re already struggling for money, with Curtin University research commissioned by Financial Counselling Australia showing BNPL fees are effectively a “quasi-interest rate” that can cost more than credit card interest rates.
