The average bargain hunter will shop around for a discount or promotion at least twice per month, with the most popular items bought using vouchers and promotional codes revealed as televisions and holidays. Respondents admit that their main motivation is knowing that they have paid less for something than their peers.
According to new research from vouchercloud, those who consider themselves ‘bargain hunters’ spend on average two days per month searching for discounts, vouchers and/or promotional codes before making a purchase. Furthermore, the results of the poll revealed that 28% of these bargain hunters lie about their bargain, making out that they paid the full price.
The vouchercloud team undertook the study following an internal analysis of website data which highlighted that the terms “discount” (54%) and “voucher” (30%) are the most popular search terms used by Britons looking to get a bargain. Website analytics show that online consumer interest for the keyword “voucher” has increased from 3% in 2005 to 47% in 2015, with consumer interest for the keyword “discount” having increased from 39% in 2005 to 85% in 2015, showing that more Britons than ever are looking for a bargain, tips and tricks on how to save some pennies.
Following on from this, 2,310 Britons aged 18 and over, all of whom considered themselves to be a bargain hunter, were then quizzed about their shopping habits and how they went about finding the best bargains.
Initially, all respondents were asked ‘What type of items do you prefer to buy using a discount?’ to which the most common responses were ‘luxury purchases, such as TVs and holidays’ (29%), ‘fashion purchases, such as clothes and accessories’ (27%) and ‘leisure purchases, such as restaurant and bar spends’ (26%). When asked where they were most likely to look for their discounts, respondents stated typically ‘online’ (58%), ‘in-store discounts and promotions’ (29%) and ‘adverts in newspapers and magazines’ (13%).
All respondents were then asked how often they looked for and used a discount or voucher. Over half of respondents, 51%, stated ‘once or twice per month’, with remaining respondents stating ‘at least once per week’ (31%) and ‘most times I make a purchase’ (18%).
All respondents were asked about their motivation behind searching for and using discounts and vouchers. When provided with a list of possible responses and told to select all that applied, the top 5 results were as follows;
- Paying less for an item than my peers - 69%
- Saving money / reducing my outgoings – 61%
- Being able to purchase something I wouldn’t normally be able to afford - 43%
- Having money left over for additional purchases - 38%
- For the challenge / thrill of bargain hunting - 34%
According to the poll, 42% of respondents will ‘brag to friends, family and colleagues’ about bargains they have purchased, with a further 34% recommending their bargain hunting methods to others. On the other hand, 28% admitted that they had lied about the price they paid for the item, claiming to have paid full price.