39 Coupons Stats You Should Know
It's no secret that thanks to rampant inflation, coupons are a big deal these days. Offers and discounts are regularly advertised, and everyone from supermarkets to clothes retailers is getting in on the action. But just how effective are coupons? And where do consumers typically look for them?
To help answer that question, we've gathered the latest data to provide coupon industry insights. In this post, you'll find precise numbers on how effective coupon marketing is, where consumers are looking for coupons, the rise of digital coupons, and much more. Spoiler alert: the numbers don't lie, and coupons are more crucial than ever! So whether you're a retailer looking to drive sales or a consumer looking to save money, check out this post for all the latest coupon data.
Top Statistics
39% of consumers speed up their buying decision of a product if they have a coupon
Brands looking to speed up their consumers' buying journey should consider coupons because coupons make us feel like we need to act fast. Coupons create a sense of urgency for consumers, and this time pressure can push them to work more quickly.
67% of consumers purchased items they were not planning on buying due to coupons
Anyone who's ever gone to a grocery store knows the feeling of impulsively grabbing an item off the shelf because it's on sale. And it turns out we're not alone in our unplanned spending. It's human nature to want to save money, and coupons are a great way to do just that. Two out of three consumers will buy an item they didn't intend to purchase if they have a coupon. That's a lot of potential sales! So if you're looking to reach a wider audience with your product or service, coupons should be part of your marketing strategy.
The mobile coupon industry is estimated to grow at a CAGR (compound annual growth rate) of 56.5% by 2025
In a world where we are constantly tethered to our devices, it's no surprise that mobile is emerging as the dominant force in marketing. And when it comes to coupons, mobile is soon to be king. Mobile coupons are convenient, easy to use, and offer shoppers a level of personalization that traditional paper coupons simply can't match. As a result, mobile coupon redemption is on the rise, while paper coupon redemption is on the decline. This trend is evident for brands: if you want to reach consumers where they're, you need to focus on mobile. By investing in mobile coupons, brands can tap into a powerful marketing channel that will only become more important in the years to come.
Compared to regular shoppers, online coupon users spend 24% more
Contrary to popular belief, people who use coupons are not cheap. Studies have shown that couponers spend more on average than non-coupon users. This is likely because couponers are savvy shoppers who know how to get the best deals on the items they need. As a result, brands should consider targeting couponers as their next best customer base. After all, why wouldn't you want to target people who are more likely to spend more money with you? Be sure not to discount the power of couponers.
In 2020, digital coupon redemption increased by 27%
Digital coupon redemption is rising, and this is exciting news for CPG brands and retailers alike. Universal Digital Coupons are the only digital coupon that gives consumers the flexibility to redeem their coupon at any retailer, just like print-at-home coupons. However, compared to paper coupons, they are more user-friendly and easy to download. Another reason digital coupons are becoming increasingly popular is that they are "forget-proof." Consumers will never forget their coupons at home because they can now be stored on their smartphones. Universal Digital Coupons are the future of couponing, and brands and retailers should get on board with this trend to stay ahead of the competition.
Email is the preferred coupon distribution method for 88% of consumers, and 56% report it being their favorite
For several reasons, email may be an old communication platform, but it is still the preferred channel for receiving coupons from brands. First, email feels more personal than newspaper ads; brands can customize their messaging and offers to consumers more effectively via email. Secondly, email is accessible on most electronic devices, making it easy for consumers to transition from computer to tablet to smartphone. Lastly, consumers are usually emailed offers by brands they have already shown interest in by opting into their coupons. As a result, email is a more effective way to reach consumers with coupons and discounts.
73% of Millennials report that their smartphone is their preferred way to receive coupons
It should be no surprise that millennials prefer receiving coupons on their smartphone as opposed to other coupon distribution methods like newspapers. After all, millennials are the most tech-savvy generation, and they're always looking for ways to save money. With the rise of Universal Digital Coupons, it will become more accessible for brands to reach millennials on their smartphones. In addition to being more convenient, digital coupons can also be customized to target specific demographics. For example, a brand could create a digital coupon that only millennials can redeem. As a result, brands that embrace digital coupons will be able to target their key demographics more effectively.
Before making online purchases, 92% of consumers looked for coupons or other offers in 2020
With inflation on the rise, almost every consumer is looking for the best deal before making a purchase. Therefore, it should be no surprise that coupons have become such an important marketing tool. By providing potential customers with a coupon, you're expanding your customer reach and increasing loyalty. After all, who doesn't like getting a discount? And with the increased competition in almost every industry, anything you can do to set your brand apart from your competitors is worth doing.