In the past year, 23 million Americans or 10 percent of the adult population purchased a coupon from an online site such as Groupon or LivingSocial, according to a survey conducted for the American Institute of Certified Public Accountants by Harris Interactive. The results reflect the beginning of the “deal culture” where consumers keep a sharp focus on their financial priorities.
The coupons were used equally for items needed, 49 percent, and wanted, 48 percent, according to the survey conducted by telephone among 1,005 U.S. adults between March 23 and March 27, 2011. More than half of men, 53 percent, said they bought coupons for products or services they wanted, while an equal percentage of women got coupons for items they needed.
The challenge of saving is exacerbated now by rising fuel and food prices. Six in 10 adults have changed their behavior to contend with rising gas prices. Forty-eight percent of Americans have modified their behavior to deal with rising food costs.
In the face of rising gas and food prices, an increasing number of retailers are turning to online deal sites and flash sales to attract consumers. According to the survey results, such offers are especially appealing to younger shoppers. Americans aged 25 to 34 are more likely than any other age group to have purchased a coupon from Groupon, LivingSocial or another online deal site within the past year.
Although the survey was done to educate Americans the fact that money doesn’t come easily, and there is a need to save money for retirement, the fact that more Americans are using online coupons proves that social shopping is a needed service that will continue to grow. What do you think?
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