Whereas once using discount vouchers was not the done thing, the past 12 months has seen discount codes and living for less become the new vogue.
Over the past year, PricewaterhouseCooper found that over 70% of consumers have traded down to lower priced and non branded items for their groceries. 78% of these believe they got the same or better value for the lower priced items. At the beginning of the recession, supermarkets saw consumers flock to buy own brand products on an unprecedented scale. Supermarkets reacted quickly, launching more and more own branded products.
54% of those polled for Verdict Research said that they used vouchers on a regular basis for clothes, whilst 60% of people researched for Pricewaterhousecooper had also traded down for items of clothing- retailers such as Primark and New Look saw new customers begin to shop at their stores and profits rise, as well as promotional code sites such as VoucherSeeker. The customers who had traded down for clothing were set to continue with these shopping habits.
Consumers are also looking online for discounts. Hitwise reported online searches for vouchers increased by 47.5% over the past year, whilst Moneysupermarket reported that over the past six months the use of shopping vouchers has risen 6%. Moneysupermarket research further found that 38% of consumers use voucher codes twice a week or more. Savvy consumers are now saving GBP2 million every day, redeeming more than 1,500 in discount vouchers.
These new learnt shopping habits have ensured that consumers are finding even more ways to save money this Christmas.
According to Asda, more consumers started their Christmas shopping in September in order to spread the cost, with 48% of people questioned admitting they had started their Christmas shopping. Up-market retailer Selfridges, who were more likely to feel the effects of the recession as consumers traded down, opened their Christmas shop in August in order to encourage early Christmas spending and to capitalise on tourists buying Christmas gifts whilst on holiday.
Not only are shoppers starting their Christmas shopping early, but they are also using discount codes for money off. 46% of people polled by Verdict Research said that they would be using promotional codes to buy presents this year.
Currently in the UK four in ten people use voucher codes twice a week or more, with UK adults handing over on average three discount vouchers over a two month period, figures from Moneysupermarket reveal. Determined shoppers save on average GBP56.61 a month
Analysts at Verdict Research also suggest that the current shopping trends are set to continue even after the recession. The shift to own brand products is set to be permanent, as could the shift to use vouchers as consumers realise how much money they can save.
Consumers are using the new shopping habits they have learnt in order to save money during the recession, to save money over the festive period. Shoppers are starting their Christmas shopping early to spread the cost of Christmas, whilst also searching for voucher codes and discount vouchers in order to save money on items. The new shopping habits they have learnt, such as buying own brand products are set to continue even after the recession.
