Based on the RedPlum Purse String Study consumers across the board are exercising cautious optimism when it comes to spending habits and re-prioritizing how they allocate their savings. Retailers and marketers are taking heed to this consumer behavior. Nearly 2,000 men responded to this survey. The survey was conducted for the third year on redplum.com from July 21 through Aug. 15 and results released in September in conjunction with National Coupon Month.
The shift in consumer spending behavior toward value-oriented habits is apparent in this study. One finding that is striking is that 82 percent of all survey respondents say they use the money they save with coupons on basic necessities or paying down debt (56 percent and 26 percent, respectively). Comparatively, 70% of men said they would use the money saved for basic necessities or paying down debt. While basic necessities still ranked no. 1 among men, 27% also indicated they would use their savings on dining out.
Embracing Value…Even on a First Date:
Consider this: Based on the RedPlum Purse String Study, 74 percent of men said they would use a coupon on a first date at a restaurant and 75 percent of men said they would use a coupon on a first date at the movie theaters. Men should feel even more comfortable using a coupon on a first date; according to the survey an even higher percentage of women deemed it OK ( 78% respectively). Overwhelming, both men and women would outwardly use a coupon on a first date, with a much lower proportion doing so “discreetly.”
What does this say about today’s consumer? In short, shoppers have embraced the mindset toward value. Today’s consumers are adjusting their spending and becoming more strategic in their purchases as deal seeking escalates.
Snapshot of Men and Coupon/Savings Use
“On average, how much money do you save weekly using coupons?”
• 86 percent said they save up to $50 a week.
“How much time did you spend this past week looking for coupons?”
• 87 percent spent up to three hours looking for coupons, deals and savings from all sources.
“What would you do to save 25 percent?”
• 68 percent would fill out an online form.
• 67 percent said they would sign up for an e-newsletter.
• 21 percent said they would do “pretty much anything.”
In addition to groceries, the categories with the highest interest to men are:
• 38 percent dining out, followed by clothing and automotive.
• 42 percent report their family’s financial situation is the same as last year.• 30 percent are less confident than last year.
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