When it comes to shopping psychology, discount coupon provider Savings.com says money-minded consumers can be sorted into two broad categories: value-conscious shoppers and deal-prone shoppers.
Value-conscious shoppers typically care only about the amount of money they'd save, while deal-prone consumers tend to be more focused on the satisfaction of striking a bargain.
In a survey seeking to compare these two identities, Savings.com found that most deal-prone shoppers regretted most or all of their recent purchases, while their value-conscious counterparts only regretted just a few of theirs — or none at all.
Furthermore, among the group that regretted all of their recent purchases, 85% classified themselves as deal-prone, with value-conscious shoppers making up only 15%.
Deal-prone shoppers spend more money on discounted items
In the midst of a global pandemic, many Americans are doing what they can to cut costs and save money. However, the Savings.com survey found that some shoppers are motivated by more than just cost savings.
Over half of its respondents (55%) considered themselves value-conscious shoppers, with the rest (45%) identifying as deal-prone.
And while younger consumers were more likely to identify as value-conscious, this characteristic also increased with household income. About 6 in 10 (61%) of respondents that made over $140,000 described themselves as value-conscious, while only 53% of those that made less than $45,000 did the same.
In addition, Savings.com found that deal-prone shoppers would purchase discounted items around once a week — more often than their value-conscious counterparts. Deal-prone consumers also had a median spend of $10 more on all purchases than that of value-conscious shoppers.
Value-conscious shoppers more likely to match brands with beliefs
The Savings.com survey also found that companies that made controversial statements about the environment, racial issues, divisive politics or similar matters had difficulties winning back offended customers.
For example, 47% of respondents "said that no deal or discount could win back their loyalty after an anti-LGBTQ+ remark," according to the survey.
However, value-conscious consumers were more likely to stick to their values in the face of controversy, while deal-prone shoppers were more easily swayed by discounts and deals offered by the brand as a means of apology.
Almost half (48%) of value-conscious consumers stated they wouldn't accept any discounts as an apology for controversial statements, while only 25% of deal-prone consumers said the same.
Still, beliefs don’t always line up with behaviors. A previous survey from Convey revealed that 95% of its respondents understood the importance of supporting small businesses — however, over 4 in 10 respondents said they still purchased at least half of their products from Amazon.
Overall, the Savings.com survey shows that deal-prone consumers tend to base their purchasing decisions on the feelings of satisfaction they get from saving money rather than just the actual amount saved. Because of this, deal-prone consumers were more likely to experience buyer’s remorse, but less likely to link their personal beliefs to their shopping decisions.
Methodology: For this survey, Savings.com gathered data on shopping preferences from 1,005 people. Respondents were between 18 and 79 years of age (with an average age of 40) and were made up of 51% men and 49% women.
The company also surveyed 622 people who said they stopped supporting a favorite brand of theirs after it took on controversial stances. These respondents were between the ages of 18 and 88 (with an average age of 38) and were made up of 52% men and 48% women.