British shoppers are constantly on the hunt for a bargain but obsessive bargain hunting Brits actually spend up to 50 per cent more online than shoppers willing to pay the price on the ticket, according to consumer insight from
PayPal's annual UK Online Retail Report.
Whether they shop online or on the high street, nearly nine in 10 people (over 43 million or 88 per cent) say they now constantly look for special offers and promotions - an increase of nearly 1.5 million from 85 per cent in 2009.
Getting money off is part of everyday shopping as three in five shoppers (62 per cent) have used discount vouchers or codes in the last six months. Over half (53 per cent) of online shoppers now compare prices and look for deals even on their smaller everyday purchases.
Women have led the nation's search for bargains. Over nine in 10 (93 per cent) women are always on the lookout for special offers and promotions compared to 84 per cent of men.
PayPal looked at shoppers' attitudes to price, deals and discounts and discovered five distinct groups of bargain hunters: Discount obsessed ‘Cut Throat' shoppers are at one end of the bargain hunting scale and more relaxed ‘Uncut' shoppers who rarely, if ever, seek out a deal sit at the other end.
As many as 18 million adults across the UK (37 per cent) obsessively look for bargains and use every money-saving tool around - described in the report as ‘Cut Throat' and ‘Cut Price' shoppers.
One in six over 65s hardly ever search for discounts and usually pay the full price, while fewer than one in 10 over 65s could be described as ‘Cut Throat'. The most obsessive bargain hunters are aged between 25 and 44.
But bargain hunters' seemingly thrifty behaviour doesn't mean they spend less online:
• The
PayPal UK Online Retail Report shows the ‘Cut Throat' shopper has spent on average £823 more online than the ‘Uncut' shopper over the last six months.
• ‘Cut Throat' consumers who bought groceries online over the last six months report the highest average spend in this area, forking out £135 (27 per cent) more than the average online shopper spends in six months (£639 compared to £504).
• Similarly, ‘Cut Price' consumers who bought travel products such as holidays, flights or train tickets online in the last six months have spent the most in this area - £1060 compared to the average of £961.
"Our research shows that online bargain hunters are often the biggest spenders,” said Cameron McLean, General Manager, Merchant Services, at
PayPal UK.
“That's good news for retailers, as they recognise that lower prices can be good for business. But it's also great for a new generation of shoppers who expect to get better value for money."
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