5 key stats on coupons: Best ways to deliver deals that consumers actually use

Coupons play a bigger role in purchasing decisions as consumers become increasingly value-conscious. More than a quarter (26%) of US adults are using more coupons this year because of the state of the economy, according to July 2024 data by Prosper Insights & Analytics and the National Retail Federation. Here are five stats to better understand how and where consumers are seeking savings.

1. Hunting for promos is central to the digital path to purchase

Key stat: 62% of US consumers actively search and use promo codes, discounts, or coupons when making online purchases, per June 2024 data by SimplyCodes.

• 59% use Google or other search engines to find discount codes before making an online purchase, the same report found. Another 46% use coupon websites such as RetailMeNot, while 41% use retailer apps or websites.

What it means: Make discounts easily discoverable by investing in SEO, partnering with coupon websites, and splashing it on the homepage of both the website and app.

2. More grocery shoppers are seeking discounts

Key stat: A third (33%) of US grocery shoppers have upped their coupon usage this year, compared with around a quarter (26%) in 2023, according to April 2024 data by CivicScience.

• 60% of US consumers are increasingly looking for items on sale this year, up from 53% in 2023, the same report found.
• More than eight in 10 (83%) US grocery shoppers consider the price when picking a grocery store, per January 2024 data by Progressive Grocer.

What it means: Amid growing price sensitivity, grocery retailers can build brand loyalty by offering personalized discounts on items that their customers already buy.

3. Not all deals are created equal

Key stat: For consumers across generations, free shipping is the most popular coupon or incentive, according to October 2023 data by Ascend2 and ActiveCampaign. Among more traditional coupons, percentage-based discounts rank highest, while buy-more-save-more schemes are the least likely to be used.

• Nearly half (47%) of consumers say that free shipping is a very or extremely important factor when choosing where to shop online, per a survey by PYMNTS and CyberSource.
• 54% of adults worldwide cite high delivery costs as one of their biggest frustrations in online shopping, per H1 2024 data from DHL.

What it means: Buy-more-save-more models could suggest that consumers are cautious about spending more upfront. Instead, simplify the terms to qualify for discounts by lowering the minimum spend for free shipping.

4. Coupons are bridging digital and physical experiences

Key stat: 35% of US consumers access or download digital coupons when shopping in-store, according to May 2024 data by the SPAR Group.

• 40% use phones to look up discounts and promotions, the same report found.
• 23% of US adults research products online before purchasing it in-store, per a November 2023 survey by ESW.

What it means: Make digital promotions easily accessible in-store by providing Wi-Fi, incorporating QR codes on displays, and allowing coupons to be generated in the app.

5. Retail media marketers agree on the efficacy of coupons

Key stat: Nearly two-thirds (64%) of US retail media decision-makers at brands believe digital coupons are an effective tactic to drive sales, according to a December 2023 report by BWG Strategy and Turbyne.

• 67% of US consumer packaged goods brand advertisers expect digital and physical coupons to be part of retail media offerings, per August 2023 data by Coresight Research and NielsenIQ.

What it means: Incorporating coupons can enhance your retail media strategy, driving conversion just as consumers are ready to buy. Make coupon codes unique to the retail media platform to boost attribution.

This was originally featured in the Retail Daily newsletter. For more retail insights, statistics, and trends, subscribe here.