Study Shows Consumers are More Efficient Than Ever Seeking Deals
Wednesday, September 05, 2012
Press release from the issuing company
Valassis, one of the nation's leading media and marketing services companies, announced today results of its Fifth Annual RedPlum Purse String Study that indicates consumers' proficiency in seeking deals is saving them both time and money. They are also becoming more social in their savings and those who share deals, save more.
Overall, 62% spend up to two hours weekly seeking out savings and save up to $30 each week using coupons. But there was an 18% increase this year vs. last year in those spending less than one hour looking for coupons, deals and savings from all sources, 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 Vice President 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."
It's all About Sharing and Becoming Social
Eighty-two percent of respondents share/swap coupons and deals with family and friends regularly. When asked what they would do to receive 25% or more in savings, 75% would sign up for an email newsletter; 67% would "like" a page on Facebook; and 17% would Tweet or Retweet a deal, up 5% from 2011. Shoppers who are social and share deals with friends and family tend to save more. According to the study, 50% of respondents who "always" share deals save $31 or more weekly; compared to 18% 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. The number of respondents comparing prices online and in print is up 9% over 2011. Sixty-one percent of respondents plan their shopping trips around circulars, coupons and deals, up 10% from 2011. Those using their smartphones for savings are most often accessing a coupon in an email followed by comparing deals, downloading a coupon and downloading a savings app.
The Purse String Study also reveals that:
- More consumers are using mobile coupons and apps since last year, up over 100% 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 over last year;
- 79% of respondents who are increasingly planning their shopping around circulars save up to $50weekly;
- 79% of respondents using more mobile coupons this year are saving up to $50 a week;
- 82% of respondents who are using more online coupons this year are saving up to $50 a week; and
- 88% of deal seekers are most likely to visit their favorite savings or deal websites at least weekly.
Grocery Still Rules
The categories consumers are most interested in finding coupons, codes and deals has remained consistent with groceries being the No. 1 category, followed by dining out/restaurants and clothing. Items that ranked lower in previous years are starting to rise from the recession, such as travel, a 29% increase over 2011 and services such as dry cleaners and hair salons – a 25% increase over 2011.
According to the Purse String Study, 71% of respondents most often get their coupons and deals from the newspaper, followed by emails/coupon alerts, retail circulars, Internet searches and mail. Additionally, the percentage of consumers who most often use mobile phone text messages to get a deal doubled from 2011.
Allocating Savings for Basic Necessities
For the third consecutive year, a majority of shoppers (60%) have said they are using their savings for basic necessities, although that is down 16% from 2011. Paying down debt, which ranked No. 2 in 2011 and 2010 was significantly lower than the past two years with only 4% allocating their savings toward debt. Long-term savings (i.e. college/retirement) ranked second in 2012, accounting for 15% of respondents. Only 3% said they would use the money saved from couponing to splurge, down from 7% in 2011. Yet, respondents' confidence over their family's financial situation has remained fairly static over the past three years with a slight upswing in 2012.
About the Study
For the fifth year, in conjunction with National Coupon Month in September, RedPlum has conducted a savings Study 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 their frugality. The 2012 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. To download an infographic based on this study, go to: http://bit.ly/RCCFAU
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