Consumer Behavior

Inflation frustration drives consumer discount, coupon use

Photo: Adobe Stock

August 8, 2024

Frustrated with high inflation and high interest rates, 3 in 5 U.S. consumers are looking to use promotional, discount or coupon codes when shopping online.

That's a top findings from the 2024 Coupon Codes Sentiment Study released by SimplyCodes, a social savings and AI-powered promo code platform.

The highest segment of consumers using coupon codes while online shopping are in the earnings bracket of $175,000 to $199,999 at 89% compared to only 53% who say they do in the bracket of $10,000 to $24,999, according to a press release on the findings.

More than half (54%) of all US online shoppers 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," Michael Quoc, CEO and founder of SimplyCodes, said in the release. "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."