The rich are couponing more than ever because of economic concerns, according to new study

Staggering costs are bringing out the inner couponers in a majority of Americans — especially among wealthier households. In our 2024 Coupon Codes Sentiment Study, we found that more than 3 in 5 Americans actively seek and use promotions, markdowns, and coupon codes while shopping online.

Shopping preferences remain consistent across age, gender, and location; however, one group stands out this year. Households with incomes over $125,000 are more likely to actively hunt down discount codes while shopping online compared to households with incomes under six figures.

In fact, a whopping 89% of the HHI bracket of $175,000 - $199,999 claims they actively search for and utilize promo codes — compared to only 53% who say they do in the HHI bracket of $10,000 - $24,999.

The role of the economy on coupon usage

But the reality is: getting a good deal is becoming more of a requirement than a recreation. Over half (54%) of all online shoppers who took the survey claim 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%).

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

We also found 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.

Past the bygone days of clipping local superstore coupons, today’s retail world is increasingly shaped by digital discounts, for purchases big and small. Strategic spending and saving is how savvy shoppers weather the storm, and brands are issuing more promo code discounts to attract new customers and build loyalty in the competitive online shopping landscape.

Modern shoppers can leverage the shared wisdom of fellow shoppers and the power of technology like SimplyCodes to ensure they make it out of the woods with more money in their pockets.

The full report can be found here.