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Frugal on a first date? Savings is savvy in all settings according to RedPlum study

Thursday, September 09, 2010

Press release from the issuing company

Livonia, Mich. - RedPlum, a leading provider of deals and savings on brands consumers want most, announced today results of its RedPlum Purse String Study that further support today's new frugality to the point that  value has become second nature to Americans, even on a first date. According to the study, which is based on insights from more than 16,000 consumers, a majority of respondents would "whip out" a coupon at the movies or a restaurant to save money on that impressionable first encounter. The 2010 RedPlum Purse String Study reveals:
- 78% of those surveyed said they would use a coupon on a first date at the movie theaters; and
- 77% of respondents said they would use a coupon on a first date at a restaurant.

And while there was an option to do so "discreetly," a majority of those who responded "yes" didn't feel the need to conceal the fact that they were using a coupon. This outwardly open action speaks to the value-oriented mindset of today's consumer, extending the need to save in all aspects of their lives – at the grocery store, at restaurants and on a date, too!

"These days, using a coupon or seeking savings is worn as a badge of honor, but that wasn't always the case," said Lisa Reynolds, RedPlum's Mom Saver-in-chief.  "Today you are considered a savvy shopper when you seek out savings and your family and friends are in awe of your frugal ways. Women, in particular, love to swap stories about their best find and share their savings successes in a very viral way."

According to the 2010 RedPlum Purse String Study, conducted on www.redplum.com   for the third consecutive year, 22% of respondents said they would do "pretty much anything" to get 25% or more in savings.  Signing up for an e-newsletter and filling out an online form led the way of what lengths consumers would go to for a good deal at 74% and 71%,  respectively. In addition, 57% said their family and friends think their zeal for getting a good deal is "spot on."  

"Shoppers are telling us that they are actively seeking out savings both in print and online, like never before," Reynolds continued. "We are also seeing the influence of social media in this new deal-seeking behavior across multiple channels.  Today's consumer is willing to dedicate time to savings. Once they have seen the results of their savings and how all of the dollar-off coupons and percentage-off savings can add up, they are not willing to go back to their previous buying behaviors."

While print  – such as coupon booklets, mail-delivered promotions and retail fliers – is still the most sought after means for seeking deals, according to this study, it is apparent that today's shoppers are using a variety of sources to achieve savings including online, Facebook, Twitter and blogs. Social media adds a new layer to their deal seeking.

The New Saver
Today's consumers are adjusting their spending and becoming more strategic in their purchases as deal seeking escalates. The 2010 RedPlum Purse String Study speaks to trends about how consumers are leveraging all channels that exist today to help them find the best deals and get the most savings.

According to this study, 80% of respondents spend up to three hours each week seeking out coupons, deals and savings from all sources. This was true across the board, regardless of age, children in the household or income, although older adults (65-plus) did spend slightly more time seeking out deals.

This deal-seeking accounts for up to $50 in savings each week for 81% of respondents or an average annual savings of $2,600.

Jenny Martin of Columbia, South Carolina, who began seeking out coupons five years ago to pay off an unexpected large bill was hooked on savings after one week and would never go back to paying full price. Martin estimates her monthly savings at $400 and shares her tips at www.southernsavers.com, which she started in 2008.

"Last year alone we saved over $5,000 on grocery and household expenses just by using coupons on items we needed," Martin said. "The coupons you print or clip are the same as the cash in your wallet.  The more coupons you use, the less of your own money you spend.  Pretty simple.  If you could save $250-$400 a month, why not use a coupon?"

The results of recently conducted savings style survey on redplum.com also provide a glimpse into today's shopper and saver who would overwhelmingly walk away from the "perfect sweater" if it was not on sale. In that survey:
- 91% of respondents said they would not buy the perfect sweater if it wasn't on sale;
- 73% would come back later during a sale with a store coupon; and
- 19% would go to the sale racks instead.

Both studies help define the new enlightened saver who places a high value on getting a good deal.

Basic Necessities
So, what are people doing with their savings?  According to the 2010 RedPlum Purse String Study, 82% said they use the money they save with coupons on basic necessities or paying down debt, 56% and 26%, respectively. Whereas in the past consumers may have set aside their savings for a vacation or "splurge" fund, today people are redirecting any potential surplus toward fundamental household items and services to stay ahead. In contrast, only 12% said they are "splurging" with the money they have saved.

"This new frugality is driven by the economy that is leading to shopping behaviors that will remain long after the economy improves," Reynolds said. "Yesterday's occasional saver has become today's deal-seeker who is instilling these trends in the next generation of value seekers."

About the Study
For the third year, in conjunction with National Coupon Month in September, RedPlum has conducted a savings survey to gain insight from today's shopper; learn more about their shopping behaviors; where consumers are looking for deals; what lengths they will go to seek deals; what they are doing with their savings; and what influencers are driving this new frugality. The 2010 RedPlum Purse String Study is based on responses from more than 16,000 shoppers across the country. The survey was conducted on redplum.com from July 21 through Aug. 15.




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