Who Uses Coupons Anymore?
Posted: February 23, 2016
A common misconception is that coupons are used by the elderly or low-income groups, when in fact, that’s not the case. According to Creditcards.com, 85% of Americans still use coupons.
Paper coupons are often used in place of smartphones, which some people use to buy items in stores without even using a physical credit card. But while paper coupon usage decreases with income and increases with age, 18- to 24-year-olds are using paper coupons about twice as much as any other method.
* Millennials (34%) and Boomers (30%) expected to print more paper coupons and redeem them in stores (Neustar).
* 73% of Millennials say they find coupons in print sources such as the newspaper or mail, compared to 69% of GenX and 65% of Boomers. In fact, 96% of Millennials use coupons (Valassis).
* 68% of consumers state that coupons generate loyalty (RetailMeNot).
* 68% of consumers strongly believe that digital coupons have a positive impact on a retailer's brand (RetailMeNot).
* 35% of consumers use coupons more than 50 times a year (TSYS).
* 55% of Millennials use their computers to look for coupons and discounts (eMarketer).
* 73% of American women have printed a coupon from a website (Shop.org).
* % consumers state that out of all the different types of promotions a retailer can employ, digital coupons still sway them the most when it comes to influencing a purchase decisions (RetailMeNot).
* 33% of consumers get their coupons online (Valassis).
* 33% of consumers prefer coupons that are downloadable to their retailer loyalty card (Valassis).
* 100% of supermarkets plan to increase their use of digital coupons (Aptaris).
While their sales are slipping, coupons are one tool that still work for J.C. Penney, Kmart and Sears. A coupon that offers 10% off is perceived by the customer as a deal, even if that deal is no better than one offered to other shoppers. The idea and longevity of coupons is based on the need of so many shoppers to pay something less than full retail price.
According to a new study of 11,000 consumers from digital offers platform RetailMeNot Inc. and ad intelligence provider Placed Inc., more than three in five shoppers actively seek out coupons in preference to other types of promotions.
Mobile apps are the top source of coupons for consumers; 42% of consumers search for coupons using a mobile app. This beats more traditional coupon search methods such as print, at 36%. And 28% of consumers take an omnichannel approach and search across all platforms for coupons.
Consumers visit stores for more than just transactions—they’re going to stores for customized shopping experiences.
Retail brands have the opportunity to impress and engage their savvy shoppers in new ways. People want to feel that the retailer understands them, and customization is a way to accomplish that. Shoppers want stores to provide experiences tailored just for them; 85% say they'd be more likely to shop in places that offer personalized coupons and exclusive offers in-store.
Whether it’s through opening snail mail, reading the Sunday paper, or getting them electronically, coupons have a great impact upon shoppers’ buying decisions. Consumers will never tire of saving money, and brands are always looking to bring in new customers. Throw in the economic woes of the last 10 years, and you have a savings-savvy mindset that isn’t going to disappear anytime soon.TAGS: retail, retail trends, retailers, omni-channel,