The usage of coupons has always been a hot topic to track throughout the years, especially as we evolved into a digital age where using coupon codes became more normal than cutting out deals from a local paper. Since the first coupon was created back in 1887 by the Coca-Cola Company, this money-saving trick quickly became the most widely used tactic to connect brands with consumers.
And you know what? It still is.
Fast forward to today, whilst the way in which shoppers may use coupons has changed, it is still a pillar that connects brands to customers and encourages purchasing decisions. We’ve put together a list of statistics that reveal some interesting insights into how shoppers are in fact using coupons in 2021, and what the future holds.
Based on trends since 2015, it is predicted that 145.3 million 18+ or older Americans will opt for using coupon codes in 2021. This is a jump from 142.3 million documented in the year 2020, highlighting that digital couponing is continuously growing.
Studies have found that there is likely going to be a surge in coupon redemptions, resulting in the couponing market reaching $91 billion by the year 2022. It is predicted that the rise will be due to technological innovations such as chatbots, invisible payments, and QR codes.
Using coupon codes is so influential that about 36% of users will refrain from buying from a specific brand if they are not offered. Furthermore, not only does offering a coupon entice more sales, it can actually increase sales by 29% because it promotes shoppers to add more to their carts than they originally intended.
The goal to save money is a common theme and one that 65% of consumers avidly plan for. In conjunction with this, 72% of shoppers believe that they can save the most money when they purchase with coupons. This indicates that couponing has a firm grip on consumer behavior, and offering discounts, deals, and coupons as an organization can advance sales/growth.
Even though only 25% of coupons target food items, nearly half of coupons are redeemed for this industry. For some more insight, there were 1.715 billion coupons distributed when this finding arose back in 2018. On the other side of the spectrum, 75% of them were for non-food items and had a 51% redemption rate.
The COVID-19 pandemic has drastically impacted everyone to some degree or another. In terms of couponing, the Valassis 2020 report found that 81% of millennial parents improved their saving habits since the rise of COVID-19. In addition, 52% of shoppers have searched coupon websites since the pandemic. Though money saving efforts may loosen up as the pandemic resolves, some of these new perspectives are likely to stick long-term
How coupons are being sent to consumers plays a large role in how successful they will be. For instance, 41% of shoppers would rather have mobile coupons that were sent to them via email, and 38% prefer coupons sent via text. For businesses, this demonstrates that diversifying coupon distributing can create a better roadmap for sales success now and for years to come
The coupon statistics highlighted in the year 2021 are certainly showcasing that couponing and using coupon codes is a robust effort that has no indication of slowing down. Between businesses needing it to stay competitive and consumers desiring it to save money, this is an area of marketing that has cultivated a strong foundation for itself, and it is exciting to see what other coupon statistics will surface as the world continues to transform.