Coupons have come a long way since Sunday circulars. And for consumers struggling to make ends meet, they remain as important as ever. Now, with online coupons, browser extensions, and money-saving applications, there are more options to locate large savings at any time — but the quality of the bargains still varies by day.
Overall, a recent SimplyCodes analysis found that Friday is the greatest day for consumers to save money while shopping online. From March to July, the site examined discount release patterns in marketing emails from 30,000 shops.
The rise of digital coupons has revolutionized the way consumers save money. According to a recent study, over 90% of Americans who use digital coupons accessed them via smartphone in 2023. This shift towards mobile-based savings reflects the changing landscape of retail and consumer behavior, with shoppers increasingly relying on their devices to find the best deals.
SimplyCodes discovered that as payday approaches, coupon activity increases significantly, particularly for women's clothes, skin care, and alcohol. Approximately 52% of coupon codes are issued between Wednesday and Friday, prior to the weekend slump, when fewer fresh discounts are distributed. On Friday alone, the amount of coupons issued increases by 19%.
Interestingly, the demographics of coupon users are shifting. Contrary to popular belief, it's not just budget-conscious millennials who are clipping digital coupons. A surprising 96% of adults over 55 reported using coupons in the past year, highlighting that savvy shopping spans generations. This trend underscores the universal appeal of savings, especially in times of economic uncertainty.
Beware of'spaving'.
Whether it's a "limited-time deal," a "buy one, get one free," or simply free shipping, the couponing chances are nearly endless. However, if you aren't careful, the allure of a good price can lead to overspending and high-interest credit card debt.
In fact, "spaving," or spending more to save more, is an all-too-common mistake. In that situation, Julie Ramhold, a consumer analyst at DealNews.com, advises you to think about whether a deal is truly worth it before purchasing.
The psychology behind coupon usage is complex. While coupons can lead to significant savings, they can also trigger impulse purchases. A study found that 67% of shoppers decide to buy something solely because they found a coupon, even if they weren't originally planning to make a purchase. This highlights the powerful influence coupons have on consumer behavior and the importance of mindful shopping habits.
Examples include: "If you're ordering a few items that are already on sale and you're far from reaching a free shipping threshold, it might be worth using a coupon code to drop the shipping cost to something like $1.99 rather than filling your cart with more items to get 'free' shipping — this way you're still spending less overall," according to Ramhold.
"At the same time, if you're stocking up and have a coupon for 25% off your total purchase, it's probably not worth becoming preoccupied with getting free shipping if the overall savings on your items make the shipping costs negligible," according to her.
How to make the most of a deal without spaving.
If you are planning a large purchase, or any buy at all, Woroch recommends signing up for a store e-newsletter and mobile alerts, as well as following brands and retailers on social media, to receive a coupon for in-store or online savings. A price-tracking browser extension, such as CamelCamelCamel or Keepa, can also help you keep track of price changes and receive alerts when prices drop.
As coupon usage evolves, so do the strategies to combat fraud. Retailers are increasingly turning to advanced technologies to prevent coupon abuse. Techniques such as unique code generation, customer profile-linked coupons, and AI-powered fraud detection systems are becoming more prevalent. These measures aim to ensure that coupons benefit genuine customers while protecting businesses from potential losses due to misuse.
Then, save even more by using a coupon on top of an already discounted item. "Some retailers allow you to utilize multiple coupons on the same order. This could be a coupon for money off, free shipping, or a free gift with purchase," Woroch explained.
A bargain aggregator such as CouponCabin.com or RetailMeNot can help you find offers quickly by searching for coupons by store name. Woroch urged against succumbing to the desire to splurge.
If store emails and texts encourage you to shop when you would not normally do so, it may be preferable to turn off the notifications altogether. "Delete shopping apps on your phone that alert you to the latest sale and unsubscribe from store newsletters," she told me. "Instead, look for coupons only when you need them" with a browser plug-in like SideKick, which looks for relevant codes, Woroch recommended.
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