Canadians Relying More on Savvy Shopping Skills to Reduce Debt Levels
RetailMeNot.ca survey shows progress on debt with top tactic as smarter spending
TORONTO, Jan. 20, 2014 /CNW/ - A quarter of Canadian consumers managed to lower their debt levels in 2013, with their biggest focus on being smarter shoppers rather than adding to formal savings plans and investments, says the latest consumer trends survey from digital coupon destination RetailMeNot.ca.
Overall, 24 per cent of Canadians reported having less debt in 2013 than the prior year, with top strategies being cutting out frivolous spending (44 per cent) and only buying items that are on sale (40 per cent). One in three said they set money aside to put in the bank, and 11 per cent said they created a financial plan.
When asked what retailers can do more of in 2014 than in 2013, Canadians coast to coast spoke loud and clear, asking for more discounts (68 per cent) and more opportunities to pick up online orders at stores to avoid shipping costs (52 per cent). Thirty-eight per cent of Canadians want retailers to make cross-border comparison shopping easier so they can make informed choices about the best deals.
Although 83 per cent of Canadian respondents use a computer to find deals, 63 per cent say they do not plan to use a smartphone this year to help shop. A RetailMeNot U.S. survey also revealed that Americans are more likely to use smartphones to shop in 2014 (53 per cent) than Canadians are. Americans are also more likely to use their tablet to shop (47 per cent) than Canadians are (35 per cent).
"Canadians are still lagging the U.S. and Europe when it comes to embracing mobile technology," says Josh Harding, vice president of global operations for RetailMeNot, Inc. "Smartphones are powerful tools for finding the discounts that are helping Canadians rein in their debt levels while still getting the items they want."
Other survey findings include:
- Shopping and saving behaviours and preferences are virtually identical between men and women;
- For recent holiday spending, 54 per cent used cash, 45 per cent debit cards and 44 per cent credit cards;
- 18 per cent of Canadians plan to shop more online this year while 20 per cent don't expect to buy anything online;
- 20 per cent want retailers to do a better job creating a seamless experience shopping in-store, online and mobile.
RetailMeNot.ca regularly conducts consumer surveys to determine the buying habits of Canadians.
About RetailMeNot, Inc.
RetailMeNot, Inc. (www.retailmenot.com/corp/) operates the world's largest digital coupon marketplace. The company enables consumers across the globe seeking to save money to find hundreds of thousands of digital coupons from retailers. RetailMeNot, Inc. experienced more than 500 million visits to its websites in the last 12 months. The RetailMeNot, Inc. portfolio includes www.RetailMeNot.com, the largest digital coupon marketplace in the United States; www.RetailMeNot.ca in Canada; www.VoucherCodes.co.uk, the largest digital coupon marketplace in the United Kingdom; www.Deals.com in Germany; www.Actiepagina.nl, a leading digital coupon site in the Netherlands; Bons-de-Reduction.com and www.Ma-Reduc.com, leading digital coupon sites in France; www.Poulpeo.com, a leading digital coupon site with cash back in France; and www.Deals2Buy.com, a leading discount offer site in North America. RetailMeNot, Inc. went public in July 2013 and is listed on the NASDAQ stock exchange under the ticker symbol "SALE." Investors interested in learning more about the company can visit: http://investor.retailmenot.com/.
About the Canadian Survey
From January 10 to January 11 2014 an online survey was conducted among 1,005 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 3.1%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec, language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
About the U.S. Survey
The RetailMeNot January survey was conducted between December 26, 2013, and January 3, 2014, among 1,014 U.S. residents ages 18 and over, using an email invitation and an online report. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. In this particular study, the chances are 95 in 100 that a report result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample. The margin of error for any subgroups will be slightly higher.
For more information or to schedule an interview, please contact:
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