42 percent of 1,700 American consumers admitted to blowing their budgets in the past six months, according to a recent survey by CouponFollow.
“Two-thirds of American consumers place at least one online shopping purchase per month, and that trend will only continue to grow,” Marc Mezzacca, CEO of CouponFollow said in a statement. “But eighteen percent of those shoppers said they never splurge online. So, retailers have an opportunity to better cater to these deal-hungry shoppers and find new methods of earning their business.”
Other key survey findings include:
- More than half of online shoppers prefer debit cards to credit cards, and those who do opt for credit are usually choosing cash-back cards
- For many consumers, online shopping and credit debt go hand-in-hand: Around 29 percent reported they’d gone into debt in the past six months due to online purchases
- Deal searching is overwhelmingly central to the online shopping experience; over 78 percent of shoppers are searching for coupons before completing a digital purchase
- More than a quarter of respondents reported reaching a credit card balance over $1,000 from online shopping in the past, but most shoppers said $100 – $300 was the most online shopping debt they’d ever carried.
“While most consumers admit to occasionally overspending, retailers should take into account just how savvy many shoppers really are,” added Mezzacca. The data collected in this latest CouponFollow report is from May 2019. Consumers surveyed represent a wide range of economic backgrounds and income levels and were almost evenly split between men and women.
The full report can be accessed at: https://couponfollow.com/research/shopping-and-credit-card-usage-report