Frustration over rising inflation and interest rates has led to a significant shift in consumer behavior. According to the 2024 Coupon Codes Sentiment Study by SimplyCodes, approximately 60% of U.S. consumers are actively seeking to use promotional, discount, or coupon codes during their online shopping experiences. This marks a substantial increase in reliance on discounts as a strategy for managing expenses amidst economic pressures.

Interestingly, the study highlights disparities in coupon usage among different income brackets. Notably, 89% of consumers earning between $175,000 and $199,999 reported using coupon codes, compared to only 53% in the $10,000 to $24,999 bracket. This suggests that while higher-income consumers are using discounts more frequently, lower-income shoppers may face more significant barriers to accessing such savings.

Economic factors account for the majority of the increase in coupon use. A staggering 74% of respondents cited inflation and the high cost of living as their primary motivations for seeking discounts. Furthermore, 56% expressed a desire to save money, while 48% attributed their coupon usage to changes in personal circumstances, such as employment status or family size.

Michael Quoc, CEO and founder of SimplyCodes, pointed out the growing importance of online coupons in today’s retail landscape. He noted that brands are leveraging promo codes not only to attract new customers but also to build long-term loyalty. As consumers navigate challenging economic conditions, the pressure to stretch budgets influences shopping behaviors, making discounts a critical tool for both consumers and retailers.

In a digital economy, coupon codes represent a strategic advantage for brands looking to remain competitive. By understanding consumer motivations, companies can refine their marketing strategies and better engage with their target audiences, ensuring sustainability and growth in an increasingly challenging market.