UK consumers ‘evangelical’ about saving money

Three out of four UK consumers are so enthusiastic about money-saving that they have tried to convert their friends and family into savvier shoppers, according to new research from cashback website Quidco.com.

Searching for bargains is now so popular that more than nine out of ten people always or frequently compare prices before they buy, almost eight out of ten look for cashback and seven out of ten check if they can use a voucher. But just one in twenty people thinks of themselves as ‘thrifty’ and more than half say they are simply ‘savvy spenders’ who like to shop but want to get the best deal on whatever they’re buying.

Compared with five years ago, four out of five consumers said they now do more research before they buy. Almost half of those surveyed said they had begun keeping a record of their income and expenditure to stay on top of their finances and six in ten have sold things they no longer need to raise extra cash.

Despite the end of the recession, two thirds of UK consumers plan to stick to their new money-saving habits and most people don’t intend to make changes to their spending over the next 12 months. But some shoppers still plan to cut back on gifts and luxuries (41%) and entertainment and going out (31%).

Quidco.com’s survey was commissioned to find out how spending habits have changed since it first began offering discounts to online shoppers in 2005. The website now has more than 800,000 members who make an average annual saving of more than £260 each year through cashback and voucher deals on their online and high street spending.

Nicola Frame from Quidco.com says:

“Looking for the best deal on everything from your restaurant bill to your energy bill is now firmly in vogue, and not just for people on a tight budget. Today’s savvy consumers are not only proud to be smart with their money, they’re practically evangelical about persuading friends and family to try the latest money-saving deals. The recession might be over, but people’s shopping habits have clearly changed for good.”