Consumers More Proficient in Seeking Savings
Consumers are seeking deals with increased proficiency, saving both time and money, and have become more social in their savings, according to findings from Valassis, the Livonia, Mich.-based marketing services company.
The results of Valassis’ fifth annual “RedPlum Purse String Study” reveal that 62 percent of consumers spend up to two hours weekly seeking out savings and save up to $30 each week using coupons. Additionally, there was an 18 percent increase this year versus last with those who spend less than one hour looking for coupons, yet the average savings dollars remained consistent.
“These findings indicate that consumers are still very interested in savings and have developed a forever frugal mindset,” said Lisa Reynolds, Valassis’ VP of consumer engagement. “They have become so accustomed to searching for value that these deal-seeking behaviors have become second nature to them. They clearly value the dollar as well as their time.”
Sharing and Becoming Social
Eighty-three percent of respondents share coupons and deals with family and friends regularly. When asked what they would do to receive 25 percent or more in savings, 75 percent would sign up for an email newsletter; 67 percent would “like” a page on Facebook; and 17 percent would Retweet a deal, up 5 percent from 2011. Shoppers who share deals tend to save more as well, as 50 percent of respondents who “always” share deals save $31 or more weekly compared to 18 percent of people who “never” share deals.
Strategic Savers Use Print and Digital
Savvy shoppers use both traditional and digital sources to garner the most savings. Sixty-one percent of respondents plan their shopping trips around circulars, coupons and deals, up 10 percent from 2011. Those who use smartphones for savings are most often accessing a coupon in an email, followed by comparing deals, downloading a coupon, and downloading a savings app.
Grocery Still Rules
Grocery is the number one category for which consumers use coupons, codes and deals, followed by restaurants and clothing. Lower-ranking categories in previous years are on the rise, with travel increasing 29 percent over 2011 and services such as dry cleaners and hair salons seeing a 25 percent increase. Additionally, the percentage of consumers who most often use text messages to get a deal doubled from 2011.
The Purse String Study’s Other Findings Include:
- More consumers are using mobile coupons and apps compared to last year, up over 100 percent from 2011.
- While all income groups significantly increased their usage of mobile coupons and apps, those in the less than $20,000 income level group tripled their response from last year.
- 79 percent of respondents who are increasingly planning their shopping around circulars save up to $50 weekly.
- 79 percent of respondents using more mobile coupons this year are saving up to $50 per week.
- 82 percent of respondents who are using more online coupons this year are saving up to $50 per week.
- 88 percent of deal seekers are most likely to visit their favorite savings or deal websites at least weekly.
Valassis’ “RedPlum Purse String Study” is based on insights from more than 9,100 respondents. The survey was conducted on redplum.com from June 12 through July 11.