PayPal report: Australian millennials love discounts

A recent trends report from PayPal shows that while young Australians are getting smarter about saving their precious dollars, they are also overspending during the sales season.

According to PayPal's 2021 EOFY Sales Trends Report, millennials are Australia's largest impulse spender group, purchasing an average of 3.4 unplanned items worth A$197 in the past three months.

More than 55% of Millennials and 61% of Gen Z admit to putting off making a purchase until prices drop, and 63% of Millennials and 80% of Gen Z say they always look for sales or discounts.

Grab a bargain

The report found that millennials were most likely to return an item after buying it at full price and then repurchase it at a lower price when it was on sale. Across the board, 50 per cent of Australian shoppers said they hated paying full price.

Even when buying in-store, two in five Australians ( 40%) admit to checking online prices on their phone to ensure they are getting the best deal.

Jessica Ricks, consumer shopping expert at PayPal, said: “Everyone loves getting a good deal and it’s great to see Australian millennials becoming increasingly savvy in looking for discounts when shopping.

Changing trends

The research further found that while slightly more Australians prefer to shop in-store ( 55%), the balance is shifting with the majority choosing to shop online (51%). Younger shoppers are more likely to shop online, with Millennials leading the way (70%).

Retailers step up

As retailers strive to keep up with buyers’ increased expectations, more than a quarter of online businesses ( 29%) always have at least one transaction ongoing, up 34% year-on-year from 2019.

More than half ( 63%) of retailers offer deals outside of sales seasons, with two in five (39%) saying they offer sales during traditional sales periods.

Impulse Buying

More than a third of younger shoppers ( 34% of Millennials and 33% of Gen Z) admit to regretting a sale-driven purchase.

Overall, young Australian consumers prefer to find the best discounts when shopping online and are more likely to make impulse purchases based on offers.

Online Shopping

E-commerce

Australia