Here’s a stunning fact: people want to save money.
Duh! We don’t need to conduct a nationwide survey to know that. But what the inaugural Canadian edition of the Shoppers Trend Report shows is that Canadians are starting to become savvier with their money.
RetailMeNot.ca, a Canadian digital coupon site and Angus Reid Forum conducted the study. The monthly report highlights the public’s shopping habits, attitudes and behaviours on retail spending. Nearly half (49%) of Canadians believe that they should not pay retail price, and 47% seek out discounts and coupons online or on their mobile devices.
“Our survey reveals what we've known for a long time and highlights one of the reasons we expanded into the Canadian market,” said Josh Harding, vice president of global operations for RetailMeNot, Inc. “Consumers from Victoria to St. John's are smart shoppers who are looking for great deals. We are giving our new consumers the experience they are looking for with easy-to-find digital coupons that provide great value with little effort.”
Alberta ranks highest among Canadian provinces with 56% of respondents saying they look online or on their mobile devices for deals. Ontario is second with 52%, British Columbia is third with 50% and Manitoba/Saskatchewan with 44%.
When it comes to non-grocery items, such as clothes and electronics, Canadians are spending quite a bit, with 49% budgeting over $100 a month to nonessentials. Men tend to spend more than women with 32% of them exceeding $200 a month, where as 24% for women. Age does not play a factor in how much a person spends, 30% of people from 18 to 54 spend more than $200 a month.
Half of Canadians are spending less money on smaller-priced items than they were five years ago. People are attempting to cut back anywhere they can without effecting their lifestyle. Consumers are cutting back on new furniture and travel, 56% of people 55 and over and 24% of 18 to 34 year-olds have admitted to saving on furnishing. While 32% of Canadians said they would cut back on their vacations.
The new digital coupon trend is quickly gaining traction and is helping people save. 55% said it is easy to search for or find digital coupons. It offers a lot of benefits including accessibility and convenience. 31% of people who use digital coupon are always able to find something available they can use.
But the study also gained a lot of quality information to improve the new couponing format. Almost half of Canadians want coupons or discounts that are frequent and relevant. Also 70% of Canadians prefer offers from well-known retailers rather than the less common brands.
At the moment Albertans are the ones embracing digital coupons the most with 61% using them regularly, while Atlantic Canadians are most eager to save with 55% saying that they should never have to pay retail.