The UK economy is in the midst of a recession, taxes are sky high and consumers are increasingly relying on voucher codes for their shopping. New research by Savoo shows that since 2009 there has been an increase of almost 40% in the number of people searching online for offers.
Savoo’s research goes on to show a staggering 85% of women surveyed would use a discount code or coupon in supermarkets if it meant they would get a better price – perhaps indicating the UK is heading towards the extreme couponing culture of the US. Traditionally polite Britons are also changing their attitudes to using voucher codes, with 80% of respondents not being embarrassed to make a saving on the items they purchase compared with 70% two years ago.
The voucher code market has one serious problem though, competition. Over the last couple of years we have seen the rise of Groupon, Living Social and Voucher Codes (which I personally use as an iPhone app). All these services are location based, have their terms and conditions and rely upon tempting users through price rather than product. A noteworthy point considering the popularity of the luxary goods sector who are still seeing growth despite the tough economical times.
I can vouche for the popularity of the voucher. As a final year student who has only has a month left of University voucher codes are proving to be golddust when wanting to treat oneself to a luxary. This is exactly the point though – during tough times we like to treat ourselves.
What will this mean for the voucher code market after the recession?