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How much time would you spend to save some money? A new survey found 62% of shoppers spend up to TWO HOURS a week searching, scanning and scouting for discounts. Does it pay off? Shoppers say it sure does, and report they saved up to $30 each week using coupons.
Another interesting sign of the times: The annual Valassis/RedPlum Purse String Study reveals there was an 18% increase this year versus last year in those spending less than one hour looking for coupons, but the average savings remained consistent. “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.”
Are people still clipping coupons the old fashioned way? The survey found people are actually becoming quite “social” about saving! Eighty-two percent said they share and swap coupons and deals with family and friends regularly.
Social media is also playing a big role too. When shoppers were asked what they would do to receive 25% or more in savings, 75% said they would sign up for an email newsletter; 67% would “like” a page on Facebook; and 17% would Tweet or Retweet a deal, up 5% from 2011. Social shoppers who share deals with friends and family tend to save more. According to the study, 50% of respondents who “always” share deals save $31 or more weekly; compared to 18% of people who “never” share deals.
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Clipping vs. Cyber Coupons
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Savvy shoppers use both traditional and digital sources to garner the most savings. The number of respondents comparing prices online and in print is up 9% over 2011. Sixty-one percent of respondents plan their shopping trips around circulars, coupons and deals, up 10% from 2011. Those using their smartphones for savings are most often accessing a coupon in an email followed by comparing deals, downloading a coupon and downloading a savings app.
The Purse String Study also reveals that: