According to the results of a survey conducted by RetailMeNot.ca, amongst 1535 randomly chosen Angus Reid panelists, 68 per cent of Canadians agree U.S consumers have a definite shopping advantage due to looser regulations around couponing and discounts. Additionally, just over two-thirds (67%) of Canadians believe U.S based retailers are more likely to offer coupons than their Canadian counterparts.
Ironically, the views we’ve taken on that discounts aren’t as readily available in Canada might be the very reason why they aren’t. In fact, almost one in four Canadians have never used a coupon or a promo code when shopping, as compared to the 96 per cent of Americans who do.
When asked on her thoughts, Kristen Larrea of RetailMeNot, said, “Research shows that couponing is a relatively new practice in Canada, with the average Canadian only beginning to adopt the practice in 2000. While 71 per cent of people claim that having a coupon for a product or service would make them more inclined to purchase, misconceptions about coupon regulations are causing Canadians to miss out on major savings.”
When you consider that the majority of Canadians (83%) believe you cannot use more than one coupon at a time to maximize savings. Furthermore, just over half (51%) believe they cannot get an additional discount using a coupon if an item is already on sale. In reality, many Canadian retailers such as Joe Fresh and The Bay will let you stack promo codes on top of existing sales and use multiple offers towards a single purchase.
But that isn’t the only foil to Canadians saving more money. Even in our digital era, 36 per cent of people still rely on print fliers to look for sales, and 62 per cent mainly use coupons in-store versus promo codes for online shopping. While, more than half of Canadians (51%) claim to use coupons more now than in the past five years, only 40 per cent check for promo codes when shopping online or in a store.
Almost three in four Canadians agree retailers must offer deals to stay competitive in today’s market, but 74 per cent feel the coupons now available north of the border don’t offer enough of an incentive to shop.
To anyone seeking advice, Canadians typically consider 30% off to be a “good deal” while 83 per cent would be more likely to shop if a coupon offered a discount of 25% off or more.
The majority (71%) of Canadians agree that one size does not fit all when it comes to savings, and retailers offering customized promotions or coupons will be more likely to peak their customers’ interest.
Other survey findings include:
- Luxury for less: More than three-quarters (77%) would not perceive a store that issues a coupon to be of lower quality;
- Savvy and smart: Sixty per cent of Canadians say using coupons makes them feel savvy, while 85 per cent say people who regularly search for savings are smart;
- Leaving money on the table: While 63 per cent have signed up to receive special offers from a retailer, only 32 per cent have signed up to receive offers from a coupon site.
RetailMeNot.ca regularly conducts surveys on consumer behaviour, trend and spending they also operate a coupon website, so their words shouldn’t be taken lightly.
After all, the holiday shopping season is just around the corner and with Black Friday coming up; retailers will have to offer strong promotions to the tough crowd if they want to drive their sales to the max.
What do you think about the findings of RetailMeNot.ca? Please let us know in the comments below!
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