Deal seeking has grown significantly in the past year, according to parago’s third annual shopper study, “Let’s Make a Deal.”
It is now a behavior consistently seen in shoppers from all demographics. Deal seeking is no longer just trendy or born completely out of necessity. Shoppers continue to seek out the very best prices and are willing to go out of their way to save even a little bit.
Consumers are rapidly adopting all forms of deal seeking—especially rebates—through mobile, social and online platforms.
Finding deals is emotionally rewarding
Searching for and finding the best value is a practice now cemented in consumers’ path to purchase due to several factors: greater price sensitivity, reduced perceived spending power, advancing mobile technology and easier access to deals online and via social networks.
“Finding deals is emotionally rewarding to consumers, as it makes them feel as though they are doing everything they can to maintain their standard of living. This attitude is evidenced by their willingness to work across social, mobile, print and digital resources to find the very best price,” said Rodney Mason, CMO of parago, a global incentives and engagement company.
“This study sends a clear message to marketers: shoppers’ appetites for deals and discounts can be fulfilled in a variety of ways, especially via mobile and social as well as rebates, which consumers understand offer deeper discounts than other deals” Mason added.
The “Let’s Make a Deal” shopper study can be downloaded for free here.
Key findings from the research include:
- Price sensitivity is up significantly: Nearly 3 in 4 shoppers are more sensitive to price this year due in part to 42% of those surveyed feeling their purchasing power has decreased.
- Deal-seeking behavior continues to grow: Before shopping, 80% of consumers look for deals, rebates and the best prices; only 69% did so in 2012.
- The majority prefer rebates to instant discounts: All income levels believe rebates are easy to complete and worth the extra step for the deeper savings earned vs. instant discount offers.
- Mobile deal finding jumps: This year, 46% of consumers shop where they can use their smartphones to check prices; only 11% did so last year.
- Demand for deals in social networks: 57% of consumers would like access to exclusive values via social media.
The “Let’s Make a Deal” shopper study was conducted in March 2013 via independent online delivery. More than 1,100 consumers, representative of the U.S. population by education, income and sex, responded to a 50-question survey that explored their deal-seeking behavior.