A semi-annual Promotion Industry Analysis report produced by the company Inmar, recently revealed that both the number of coupons being used and offered is on an accelerated decline as of late.
While coupons offered has held steady for a number of years now at 300 billion annually, last year it dropped dramatically at 267 billion, marking an 11.7 percent decline, the largest one ever recorded. As for the numbers in 2019, it seems as if that decrease may continue, and a new record could be set, with 129 billion coupons offered up so far this year, signifying a 13.5 percent decline from the same time period last year.
Sadly, Coupons In The News reported that the figures around coupon use don’t look any better. In 2018, 1.74 billion coupons were redeemed, a decline of 15.8 percent from 2017; marking it as the lowest number of coupon use for over four decades. So far this year, a mere 647 million coupons have been redeemed, signifying a decrease of 28.5 percent from the same time period in 2018.
Less coupons issued means less coupon used; however, another all-time low from the report was reviewing the numbers of coupons distributed that ended up being used, which was 0.65 percent in 2018. So far in 2019, that number is at 0.5 percent.
Could it be the booming economy, and less of a need to penny-pinch, or the ever-increasing presence of the digital age? According to the Inmar report, while the growth of digital coupons has been growing, the rate has slowed down. To date in 2019, digital coupons mark 1.8 percent of all coupons, and only 15.7 percent are used. The report revealed that availability of digital coupons have increased by 8.5 percent from the same time last year; however, the total number redeemed has declined so far in 2019.
Perhaps it is because coupons just don’t seem as good as they used to be; perhaps, it could be the expiration dates that limit customers. Digital coupons also tend to be for non-food items, and many people out there love the idea of saving money on that grocery budget. Regardless, this could just be a phase consumers are going through, or it could be a trend moving away from couponing and towards other ways of saving money when spending and shopping.