Consumers no longer view bargain hunting as a necessary chore, but rather an enjoyable pastime. According to market research firm Mintel, the “gamification" of the saving experience will only increase in the future.
Mintel data reveals that 64 percent of U.S. moms say they're spending more time looking for sales, discounts and coupons compared to last year.
"It's no longer enough to save money; shoppers want to have fun with the savings experience as well," says Alexandra Smith, managing editor of Mintel Inspire. "Consumers have come to expect reduced prices since the economic downturn, but retailers need to take that discounting a step further with promotions that engage and entertain."
According to Mintel research, 62 percent of U.S. consumers say they rarely pay full price for clothing.
However, this trend isn't only benefiting the customer; slashing prices can actually boost sales, foster customer loyalty and earn repeat business, according to Mintel. A recent Mintel report found 72 percent of U.S. group-buying service users intend to return a restaurant where they used a discount in the past, even if they have to pay full price the second time around.
"Consumers are more open than ever to trying new products and venues, but it will probably take a discount or clever promotion to get them in the door," adds Smith. "Allowing customers to choose the number and type of deals they receive, coupled with location-based offers will help reduce the potential for savings burnout."
