It wasn’t so long ago when paying full price was what you did every time you walked into a store and looked at a price tag. Then you would either accept the price or walk out of the store. Nowadays, that way of thinking is fading away. The modern-day shopper no longer has to ask themselves, “Will I be able to afford this?” Rather, the real question is “Can I get this cheaper?”
This change has initiated the rise of the deal-first shopper trend, where consumers are more likely than ever to actively look for discounts, promo codes, and special offers before finishing any purchases they make. In today’s world of higher living expenses and a large number of consumers shopping online, paying full price feels like losing out on a much-needed side benefit rather than just being a convenience.
Deal-first shopping isn’t about extreme couponing or chasing after unrealistic deals, but instead about changing the way we spend our money to where we have built-in savings with every purchase we make.
The Changing Psychology of Consumers
With all the tools available today, consumers are more knowledgeable than before. When you consider that price comparison web sites exist, as well as product reviews and discount websites, consumers now anticipate prices being lower; therefore they know that there are better prices somewhere. This level of awareness has changed how people purchase goods and services.
Today, it is no longer taboo for people to search for discounts, and they are viewed more as fiscally responsible. Saving money is now viewed as an intelligent action versus a sign of being poor. Finding lower priced products brings an individual a sense of accomplishment or control over their finances.
This culture shift from the past 15-20 years has helped create a perception that paying full price is out-of-date. Not searching for alternatives, given that the web provides information just a few clicks away, is illogical.
Inflation and the Cost-of-Living Reality
Increases in the cost of living, with many essential goods costing more today than three months ago, have resulted in a significant shift toward deal-first shopping. After accounting for rising
costs in groceries, fuel, healthcare, housing, and education, many consumers have a very tight household budget already, even those with steady incomes.
With regard to saving money today, it is no longer about purchasing discretionary items; it is about saving money on basic needs. Saving a few dollars here and there adds up to give consumers some control over their finances. While they cannot prevent prices from rising, they can at least reduce the amount that they pay.
From Impulse Buying to Intentional Buying
Impulse buys were common with traditional shopping; you would see something you liked and buy it right away. However, with deal-first shopping the buying process is forced to have a delay or pause when an individual searches for discount, compares prices, and waits for the best time to buy a product, which is helping to decrease the number of unwanted purchases and create a better financial habit in the long run because it will help people to be more aware of where their money goes and how they go about spending it.
How Savings Platforms Fuel the Shift
This is due in large part to the usage of savings platforms which compile valid promo codes, brand offers and exclusive discounts into a single location, thus reducing the usual amount of hassle with deal-hunting because instead of trying to find codes via multiple tabs and testing expired codes before buying on other sites users can simply get valid codes quickly. When saving money is easy, people will do it more consistently, which in turn creates a habit of saving instead of an occurrence of luck.
Paying Full Price Feels Like Overpaying
When consumers become aware that, in general, they can take advantage of discounts, they start to feel as if the usual price for an item has been artificially inflated. Even if a product’s price is reasonable, their mindset is changed.
The consumer now looks at full-price as being about inefficiency instead of being about value. As the cost of an item remains the same, a consumer will think they are getting a better deal than they were previously when they pay less for the same item. This change in the way they see full-price items is one of the largest reasons full-priced shopping has declined in popularity.
Quality No Longer Conflicts With Savings
A common misconception is that a deal-driven mindset will lead to compromised quality products, but in fact, most discounting retailers and platforms do so through relationships with leading brands and retailers, therefore consumers are not sacrificing the brand they are buying. Consumers are simply gaining better pricing on products they already want.
Deal-first shopping is based on the notion of smart access, not on finding a cheap substitute for a product.
Small Savings Create Big Results
The difference in prices of items saved from month to month and/or from a few dollars saved over a year may not seem like a lot; however, those small amounts can accumulate rapidly.
$10 from groceries, $15 from clothing, $20 from electronics, and $50 from travel quickly accumulate to thousands of dollars over a 12-month period.
The cumulative effect of these savings can be used to set up an emergency savings account, pay down debt, or provide funds to create experiences of lasting importance.
The Future of Shopping Is Savings-Driven
The eCommerce market has been continuing to grow rapidly, and competition among brands has become extremely fierce. Discounts have moved from being rare promotional strategies to now being included into the strategic marketing plans of most retailers.
As more and more customers have developed deal-first behaviors, retailers will continue to provide promotional offers for their items. In addition, savings platforms will continue to help customers organize these promotions and create an ecosystem for the two to work together.
Consequently, we will see a future whereby paying full price for goods has become the exception vs. the rule.
Final Thoughts
Paying full price is no longer relevant due to the overall changes in society today. There is a massive amount of information readily available, there are discounts available for virtually everything and there are tools now available to make saving challenging.
In a deal-first shopping environment, it is not about depriving one from their normal lifestyle; it is about providing some sense of empowerment.
Empowering others to be able to continue their same lifestyle, stay within their financial budget and confident about their financial decision making.
Smart shoppers don’t ask themselves if they can afford to save anymore in today’s marketplace; they expect to save!