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The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Coupons not only help consumers save money but also assist brands in selling more products. For instance, a whopping 66% of people will purchase something with a coupon, even if they didn’t plan to buy anything initially. Not surprisingly, a brisk 28% of American adults are willing to compromise over the product’s quality if offered a discount.
If you find these statistics and facts interesting, keep reading as we have a bunch of stats to tell you about.
A coupon is a secret word that brands choose to offer you a discount with. For example, you will get a coupon code via email from a company. When you are shopping from the company, they will ask you to enter the coupon code at checkout. Upon entering the code, you will receive a handy discount.
The one stat that everyone might have expected is that 93% of users redeem a coupon that they receive via email. Apart from helping companies get more sales, coupons influence consumers’ shopping behavior significantly. This is proven by our next stat which says that 63% of shoppers will reconsider abandoned carts if they get a discount for it.
In 2020, the digital coupons market was worth $4.67 million globally. Experts predict this will jump to $29.7 billion by 2031, growing at an average rate of 18.6% each year from 2021 to 2031. In 2021, more than 337 million coupons were redeemed in the US alone. If that stat doesn’t make any sense, here is another one to back it up with; Americans spend over 13 million hours looking for coupons every week.
Like what you have read so far? Take a look at this infographic created by GrabHosts.net. It covers some of the most popular coupon statistics, facts, and trends of 2023.