Affluent Americans lead charge in online coupon surge as frustration with the economy lingers, new study finds

SimplyCodes' 2024 Coupon Codes Sentiment Report reveals that a majority of online shoppers (54%) have increased their search and usage of promo codes over the past year.

LOS ANGELES, June 17, 2024 /PRNewswire/ -- U.S. consumers are frustrated with high inflation and high interest rates, which is manifesting in their online shopping habits. SimplyCodes, the leading social savings and AI-powered promo code platform, today released its 2024 Coupon Codes Sentiment Study, which found that more than 3 in 5 Americans actively seek and use promotional, discount, or coupon codes for online purchases.

The habits and sentiments are consistent across age groups, genders, and geographic locations; however, there is a notable difference in behavior based on household income (HHI). Households with incomes over $125,000 are more likely to actively seek and use discount codes while shopping online compared to households with incomes under six figures.

In fact, the highest segment of consumers who say they use coupon codes while online shopping are in the HHI bracket of $175,000 - $199,999 at 89% compared to only 53% who say they do in the HHI bracket of $10,000 - $24,999.

Economic Impact on Coupon Usage

More than half (54%) of all US online shoppers who took the survey say they have increased their usage of coupon codes over the past year, with the leading reason being economic factors such as inflation and the cost of living (74%), followed by the desire to save money (56%) and personal circumstances such as changes in employment status, income, and family size (48%).

"Online coupon codes are playing an increasingly vital role in today's retail world," said Michael Quoc, CEO and founder of SimplyCodes. "As consumers face economic challenges, they use digital discounts to stretch their budgets and maximize savings. Brands see promo codes as a way to attract new customers and build loyalty."

Gen X, Millennials and Gen Z Finally Have Something in Common

The study reveals very little difference when it comes to online shopping habits and coupon code usage between the different age groups.

The only notable difference between the age groups is that 18-29 year olds are more influenced by promo codes with 46% saying when they see a promo code for a particular store, it motivates them to shop there. This is compared to only 36% in the 30-44 age group and 30% in the 45-60 age group.

The full report can be found here.

Methodology
Results based on 1,194 responses from a SimplyCodes' survey issued to the general public on June 4, 2024.

About SimplyCodes
SimplyCodes is a social savings and promo codes platform that leverages AI and a passionate shopping community. Users share real-time discount codes and deals, enabling everyone to save money on their online purchases. Like the name boldly states, SimplyCodes provides more accurate promo codes than anywhere else, covering 10X more brands through its app and browser extension. To learn more, visit simplycodes.com.

SOURCE Demand.io