With the 4th of July now behind us and back-to-school and holiday shopping prep now on the horizon (yes, we just went there already), marketers are gearing up for the biggest and busiest time of year for retail.
But as marketers stand poised to make their moves, more Americans are reportedly preparing to save their hard-earned cash (even more than usual). Will this make it harder for marketers to motivate spending?
Valassis, a leader in intelligent media delivery, is out with commentary on a new report that looks at American savings habits.
“Saving,” the report notes, “has become an American pastime.”
Despite the brightened economic outlook – as the U.S. unemployment rate hits a 16-year low – American consumers remain budget-conscious. Recent Valassis research indicates a continued desire to save, with 90 percent of U.S. shoppers reporting they use coupons, obtaining them from a variety of online and offline sources.
Among value-seeking consumers, more than half look to save on basic necessities, such as food and gas. An overwhelming 94 percent say they are interested in finding coupons and deals for groceries. Research from McKinsey also indicates that American consumers are reducing their spend, with 49 percent agreeing they are “increasingly looking for ways to save money.”
“As American consumers take control of their shopping experience, they continue to seek value. Saving has become a ritual part of their buying behavior,” said Curtis Tingle, chief marketing officer at Valassis. “Research from Valassis underscores the need for brands to be consumer-centric, providing both print and digital promotions and offers to targeted audiences for the products shoppers are most interested in.”
“We are seeing retailers get creative with new forms of promotions to capture deal-minded consumers,” said Marissa Tarleton, chief marketing officer at RetailMeNot, a Valassis sister company. “Not only are value-seeking customers interested in deals, but RetailMeNot survey data shows a variety of audiences interested in new types of savings such as e-gift cards and cash back offers to round out their shopping journey.”
For more insight into the report, check out the official word on the data from Valassis here.