LOS ANGELES, Sept. 15, 2020 /PRNewswire/ -- Honey today
released new research exploring the emotions and deal-seeking
habits of online shoppers during COVID-19 finding that 58% of
Americans have experienced a decrease in household income. Now,
there is an immediate need for shoppers to find savings with four
out of five (79%) Americans saying discovering a deal is even more
important than it was before the pandemic. Gone are the days of
aimlessly searching for coupons in the dark as savvy shoppers adopt
new behaviors for finding deals that help them buy what they love
and need.
"Deal seeking has become an integral part of online shopping
culture and influences how we feel about the items we buy and when
we buy them," said Joanne Bradford,
vice president of Honey marketing at PayPal. "Honey was built to
make deal discovery quick and simple so if a better price is
available shoppers can make smarter decisions that take their money
further."
However, being thrifty can take time as 37% of respondents spend
between 1-2 hours a week looking for coupons and 20% report
spending between 3-4 hours per week, amounting to hundreds of hours
a year. To save time, money and give people the confidence they
have a great deal, Honey's browser extension automatically searches
the internet for coupons to apply at checkout. And with almost half
of Americans (46%) willing to wait for a good deal, Honey's
Droplist feature, available with select stores, notifies shoppers
if a select item on their watchlist goes on sale.
Smart Shoppers May Be More Likely to Find A Date
The research also shows savviness for smart shopping may be
worth adding to dating profiles. More than half (54%) of Americans
say they find people who are thrifty to be attractive and almost a
quarter (24%) may swipe faster as they find thriftiness to be "very
attractive." Gen Z respondents find "saving sweeter than honey"
with 21% admitting they would rather find a deal than a perfect
match. And for some Gen Z respondents, thriftiness is like flirting
with almost 1 in 10 (9%) saying they share deals on dating
apps.
Emotions Run High While Online Shopping
Additionally, research shows that making a full priced purchase
during COVID-19 can lead to anxiety (38%), frustration (22%) and
one in five (22%) feel guilty. 61% of respondents have buyer's
remorse within several hours of making a full priced purchase. And
missing a deal can take a toll as over sixty percent (62%) of
Americans say they experienced FOMO when they chose not to buy a
discounted item they wanted.
But deal discovery can boost emotions too with 67% of
respondents feeling less guilty making a purchase if they find a
deal. And Americans say a promo code or price reduction feels
similar to eating comfort food (32%) and finding a $10 note in their pocket (36%).
Flexing Thriftiness Could Be A Key to Going Viral
With 62% of respondents feeling it's important to share deals
with family and friends, spreading this wealth of knowledge is
changing secret coupon clipping into potentially viral social
content. More than half of Americans (52%) have increased deal
sharing since before the COVID-19 began and 50% say they research a
deal when they see someone share it.
- Gen Z respondents share deals on:
-
- Instagram (52%)
- Snapchat (49%)
- TikTok (37%)
- Millennial respondents share deals on:
-
- Facebook (61%)
- Instagram (52%)
- TikTok (20%)
- Gen X respondents share deals on:
-
- Facebook (62%)
- Instagram (33%)
- Twitter (29%)
About the research
Honey, a PayPal service, commissioned Atomic Research to conduct
an online study of 2,007 American adults 18 to 55 years old. The
margin of error of the overall sample is +/- 2 percentage points
with a confidence interval of 95 percent. The field work took place
between August 21 and August 23,
2020.
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering more than 300 million
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information,
visit paypal.com.
Contacts:
Media Relations Contact
Gideon Anstey
gbanstey@paypal.com
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SOURCE PayPal, Inc.