Bargain-obsessed Brits save £452 a year by discount shopping
More than four in five (82 per cent) Britons say they are regular users of discount sites, cashback rewards and other means of securing discounted prices, according to research from Santander 123.
The research reveals that 47 per cent of Brits would call themselves ‘regular' users of price comparison websites and 31 per cent of discount code websites. Millions of people are also using cashback to cut costs, with one in five (20 per cent) regularly using cashback websites and 14 per cent frequently spending on a cashback credit card. A further six per cent are even using a bank account that offers cashback on direct debits or transactions.
Money saving method - % of Brits who ‘regularly' use this
A loyalty card 57%
Price comparison websites 47%
Discount code websites 31%
Group discount websites 22%
Cashback websites 20%
Asking the retailer/ supplier to price match 16%
A cashback credit card 14%
A bank account that offers cashback on direct debits or transactions 6%
According to the figures, in the past three months those who use discounting methods have saved an average of £113 - equivalent to £452 per year.
Hetal Parmar, Head of Banking at Santander, said: "It looks like the days of buying things at face value are passing. Our research shows that we're a savvy nation of shoppers, with millions of people across the UK regularly securing valuable discounts.
"What's more, a small but noticeable percentage of people say they're using a cashback bank account to save money, which was unheard of 12 months ago."
Biggest savings
Travel and holidays appears to be the biggest area for savings, with 25 per cent of Brits claiming to have secured a discount on these purchases in the past three months and the average amount saved equal to £50. Twenty seven per cent of people say they have saved an average of £31 on electrical items over the same period and 64 per cent have saved an average of £27 on their supermarket shopping in the past few months.
On the whole, females are more likely than males to use discounting methods (83 per cent vs. 80 per cent). The type of discount secured also varies by gender with women more likely to use loyalty cards, discount codes and group discount sites and men more likely to use price comparison sites or request a retailer price match.
Hetal Parmar added: "The traditional loyalty card remains, but cashback products have become hugely popular. This is a very positive trend, driven by tightening household budgets and an increase in online shopping.
"Using financial products that offer cashback rewards such as a cashback credit card or an account like the Santander 123 Current Account is an excellent way of saving cash with very little effort."