Survey: It’s in to be thrifty; deals more important than ever to consumers
Shoppers are actively searching out deals, including coupons and promo codes, amid the pandemic.
Four out of five Americans (79%) said discovering a deal is even more important now than it was pre-pandemic, according to research by PayPal’s Honey service, which helps consumers save money when shopping online. The research also found that 58% of Americans have experienced a decrease in household income amid the pandemic.
According to Honey, consumers are no longer aimlessly searching for coupons. Instead, savvy shoppers have adopted new behaviors for finding deals that help them buy what they love and need.
"Deal seeking has become an integral part of online shopping culture and influences how we feel about the items we buy and when we buy them," said Joanne Bradford, VP of Honey marketing at PayPal.
The Honey study found that being thrifty can take time. Thirty-seven percent of respondents said they spend between one to two hours a week looking for coupons; 20% spend between three to four hours per week.
The research also shows savviness for smart shopping may be worth adding to dating profiles. More than half (54%) of Americans say they find people who are thrifty to be attractive and almost a quarter (24%) may swipe faster as they find thriftiness to be "very attractive." Twenty-one percent of Gen Z respondents said would rather find a deal than a perfect match.
Additionally, research shows that making a full priced purchase during COVID-19 can lead to anxiety (38%), frustration (22%) and one in five (22%) feel guilty. Sixty-on percent of respondents have buyer's remorse within several hours of making a full priced purchase. And missing a deal can take a toll as over sixty percent (62%) of Americans say they experienced FOMO when they chose not to buy a discounted item they wanted.
Other findings from the survey are listed below.
• Sixty-seven percent of respondents feeling less guilty making a purchase if they find a deal. And Americans say a promo code or price reduction feels similar to eating comfort food (32%) and finding a $10 note in their pocket (36%).
• Sixty-two percent feel it's important to share deals with family and friends. More than half (52%) of respondents have increased deal sharing since before the COVID-19 began and 50% say they research a deal when they see someone share it.
• Gen Z respondents share deals on:
• Instagram (52%)
• Snapchat (49%)
• TikTok (37%)
• Millennial respondents share deals on:
• Facebook (61%)
• Instagram (52%)
• TikTok (20%)
• Gen X respondents share deals on:
• Facebook (62%)
• Instagram (33%)
• Twitter (29%)