The 2008 financial collapse instilled frugal habits in America’s consumers, and yet another survey shows that those habits have staying power despite the gradual improvements in the economy since then.
According to the Valassis Fifth Annual RedPlum Purse String Study, 62% of consumers spend up to two hours per week looking for deals, and are rewarded with savings of about $30. There was an 18% year over year increase in those capping their search time at one hour weekly, but Valassis notes the savings total remained on par nevertheless.
“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.”
The vast majority of consumers have begun sharing and swapping coupons with friends and family, and many are willing to sign up for various sources of savings, including getting an email newsletter or liking a company’s Facebook page, among many other options.
Traditional circulars are still widely used, and the use of alternatives such as online searching and use of mobile applications is on the rise. However, despite ever increasing use of new alternatives, newspapers are still the source of 71% of the coupons in use.
Most of the savings are realized at the grocery store, and many take advantage of deals offered by restaurants and clothing outlets.
