I think it goes without saying that everybody enjoys a good deal. Take Black Friday. Some people are willing to wait outside for hours and then re-enact a scene from Gladiator in the store to get a low-priced TV. But the lengths people go to for savings isn’t limited to a one day event.
Nearly eight in 10 consumers are value-seeking shoppers. This means they are conscious of sales and coupons and are willing to put in 41% more time to get the best deal. The Valassis Shopper Marketing Report recently stated that the results from a national consumer panel, “paints a picture of increasingly savvy consumers adept at navigating both digital and print promotional media to save money and efficiently move throughout their path to purchase.”
As it turns out, most consumers are willing to live out Gladiator all year long, except instead of a sword, they are armed with scissors. 80% of consumers engage in age-old classic coupons clipping. For those whose minds immediately flash to an image of a circle of middle-aged women hunched over their kitchen counters, think again.
Research is showing that Millennials (25% of the U.S. population that spends more than $600 billion per year) are proving to be the savviest of shoppers and biggest coupon-hoarders of all. According to PunchTab, Millennials are spending 50% more time finding and using coupons—and as a result getting 56% greater savings.
What might be even more surprising to some than the age of couponers is the method in which they get them. More than half of all value-seekers prefer to receive coupons in the newspaper (52%) and in the mail (51%). However, a whopping 61% of Millennials would rather open their mailbox to get sweet deals.
Of course, don’t ignore digital. It’s been proven time and again that the best way to reach an audience is to create an integrated campaign, and coupons are no different. A combination of print and pixels is a great way to engage users. Just don’t forget to bow to the whim of your customers’ preferences. If you are looking to send coupons, take into consideration that a majority of your consumers would rather you mail them.
If you find it hard to believe that Millennials would really rather carry around paper than store something in their email or on their phone, just look in my purse. I, a Millennial, have two wallets with me at all times. One for my ID, credit cards and spending money; the other for my scads of coupons. And while I don’t see the need for a Gladiator-esque shopping strategy, it does provide some level of comfort knowing that I could use them as clubs.