New research from VoucherCodes shows British consumers save a staggering £9.3bn per year by using vouchers and discount codes.
Research shows the average UK shopper now saves £180 per year using this form of discounting, redeeming offers almost once a week to get money off regular purchases from the weekly grocery shop to smaller luxuries such as spa days and massages.
The study of over 2,000 UK adults found it’s not necessarily those with a lower income who are chasing a deal – in fact, it’s those earning over £120,000 per year who are most likely to hunt down offers on their purchases (96%).
Consumers in this income bracket are using vouchers and discount codes more than once a week and saving up to £408 annually. This is in stark contrast to those with annual household incomes of between £10,000 and £20,000, who save nearly a third of this figure – but are still banking an impressive £144 per year.
These findings reveal that despite the impressive cost savings, 30% of higher earners (with salaries of over £120,000 p.a.) prefer to not to disclose their deals on expensive items, with just 13% telling friends and family about it. Whereas nationally, almost half (46%) of consumers are open with others about their discounted purchases, with one in 10 even posting about getting a great deal on social media.
The study also found that nine in 10 women use vouchers for their purchases, compared to 82% of men. In terms of age, those between 35-54 were revealed to be the most prolific bargain hunters (90%), followed by 18 to 34-year-olds (88%) and the over 55s (81%).
Regionally, the biggest voucher and discount code lovers live in the South of England, the top being those living in Bristol (93%), where film-goers take advantage of discounted cinema tickets (44%), followed by Londoners (91%), who get money off dining out (50%) and going to the theatre (21%), and Plymouth (86%), where locals make big cost savings on their weekly food shop (77%).
London consumers have been found to save the most across the UK, perhaps compelled to hunt for deals because of the inflated cost of living. The capital’s city dwellers save £216 per year, followed by Sheffield (£204), Nottingham, Leeds, Liverpool and Bristol (all £180).
Jimmy New, director of marketing at VoucherCodes, said: “Our research shows UK shoppers are moving beyond the traditional British high-street and online when it comes to finding the best deals. With nine in 10 consumers using vouchers and discount codes to get money off their purchases. This news will come as a welcome surprise for UK retailers as they seek to engage and stimulate retailers in an increasingly challenging economic climate.
“It is great to see that people across the UK irrelevant of their age, location and household income, are taking advantage of getting the best deals, whether that’s online, in-store or whilst on the go using their mobile devices. Our data also indicates that grocery codes are rising in popularity, with site searches for supermarket offers up almost 210% year-on-year.”
When it comes to getting a good deal, food is top of the list, with most people in the UK admitting to using voucher codes on their weekly grocery shop (65%) or whilst dining out (45%). Surprisingly, nearly one in three shoppers (30%) admitted to using vouchers when it comes to buying a gift for someone else, with women (34%) guiltier of trying to get money off a gift for a loved one then men (25%).
The 10 most popular voucher code types for UK consumers:
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