Editor's note: This article appeared in the October 25, 2011, edition of Quirk's e-newsletter.
Whether you consider yourself a frugal fashionista or a savvy saver, it's quickly becoming clear that consumers no longer view bargain-hunting as a necessary chore. Instead, it's becoming an enjoyable pastime. Chicago research company Mintel has identified a new trend dubbed "Let's Make a Deal," which predicts that the gamification of the saving experience will only increase in the future.
Sixty-four percent of U.S. moms say they're spending more time looking for sales, discounts and coupons compared to last year, while 28 percent of U.K. consumers were classified by Mintel as bargain hunters due to their dedication to comparing prices and reading online reviews.
But what's a trend without data to back it up? According to Mintel research, 62 percent of U.S. consumers say they rarely pay full price for clothing and 58 percent of U.K. consumers don't like paying full price for anything. Meanwhile, 28 percent of U.K. shoppers consider online shopping a form of entertainment at lunchtime or in the evening. It seems it's not just how much you save but how much fun you have in the process.
However, this trend isn't only benefiting the customer. Slashing prices can actually boost sales, foster customer loyalty and earn repeat business. A recent Mintel report found 72 percent of U.S. group-buying service users intend to return to a restaurant where they used a discount in the past, even if they have to pay full price the second time around.