Sixty-seven percent of US consumers plan to use coupons or shop sales during the holidays; 81% plan to spend more money on groceries and drugstore items during holiday season: Favado survey
SANTA MONICA, California
December 12, 2013
Majority of Respondents Plan to Cut Back On Spending Permanently; Long-term Savings and Paying Off Debt Rank as Top Goals
Favado, the mobile grocery and drugstore sales comparison app, today released survey results on consumer spending habits during the holidays and savings goals for 2014. Notably the responses revealed that consumers plan to spend more on everyday items – including groceries – during these two holiday months compared to the rest of the year; however this excess in spending will be counterbalanced as savings becomes a top priority in the coming year, with desires to make cutting spending a permanent habit.
“Think about how much money could be saved if we simply committed to never paying full price again.”
The Favado Holiday Spending and Savings Survey polled nearly 500 consumers preparing for the holiday shopping and entertaining season. Sample survey insights include:
The majority (81%) will spend more money on groceries and drugstore items during the holiday season;
Over half (53%) plan on spending between $100 to $300 for holiday entertaining and celebrating;
Most shoppers (67%) will use coupons or shop sales during the holidays;
Nearly everyone (83%) said saving money and/or spending less in 2014 was a New Year’s resolution; with 92% planning to permanently cut back on spending;
Contributing to long-term savings (43%) and paying off credit card debt (34%) rank as the top goals for allocating any earned savings;
Smartphones prove to be important shopping companions, with (48%) saying they use theirs to check prices or find discounts every time they shop.
As the third most popular New Years resolution, committing to a life of “spending less and saving more” is easier declared than carried out. Among those who make resolutions, only 8 percent will successfully achieve their goals (source: University of Scranton, Journal of Clinical Psychology).
"We all face financial challenges every day and whether the goal is to get out of debt or save for a down payment on a home, every decision we make impacts the end goal. Easy cost-cutting solutions like Favado, that can be incorporated into our everyday spending regimens, have a powerful effect in aggregate," said financial expert Andrew Schrage, Money Crashers. "Think about how much money could be saved if we simply committed to never paying full price again."
Favado offers a simple way to cut back on spending – for the holidays and the rest of the year. There are hundreds of sales and discounts available every day at local grocery and drug stores, Favado allows shoppers to compare prices across stores for average savings of 50-70% on everything from eggnog, to stocking stuffers to New Year's party favors.
Favado launched in October 2013 and is installed in hundreds of thousands of phones across the U.S. With Favado, shoppers can easily save big on groceries by quickly browsing deals at local stores, building, managing and sharing shopping lists, and discovering additional savings on sale items for double the discount. Favado features nationwide coverage representing more than 65,000 grocery and drugstores, ensuring every zip code can use the app to save.
60% of shoppers open the app 1-3 times a week; 40% open 4+ times
16,000: Number of shopping lists have been created and mailed
12: Average number of items added to each shopping list
6: The average number of stores added
Most popular stores based on items added: Walmart, CVS, Walgreens, Dollar Tree, Target, Dollar General.
Most popular supermarkets: Publix, Shop Rite and Kroger.
Highest usage states: California, Texas, Florida, Georgia
Favado (http://www.favado.com) is a mobile grocery savings app that helps shoppers save time and money by discovering the best deals in more than 65,000 grocery and drugstores nationwide. The Favado app uses real-time couponing data to provide access to exclusive matching deals (coupons plus in-store promotions) for ultimate savings. The information is aggregated and personally vetted by a community of bloggers, who work exclusively with Favado to help unearth the best -- and often times unadvertised -- deals in local stores throughout the country. Other features include planning tools for weekly shopping trips and insider access to unlisted deals. Favado is a subsidiary of Savings.com, the leading coupon and deal website. On Savings.com, shoppers can access thousands of exclusive offers from the biggest retailer names along with up to 100,000 active deals from online and national retailers. For more information, visit us at www.Favado.com or check us out on Facebook and Twitter.
About Cox Media Group
Cox Media Group is an integrated broadcasting, publishing, direct marketing and digital media company that includes the national advertising rep firms of CoxReps. Additionally, CMG owns Cox Target Media, which operates Valpak, one of North America’s leading direct marketing companies, and Savings.com, a leading online source for savings. The company’s operations currently include 14 broadcast television stations and one local cable channel, 57 radio stations, eight daily newspapers and more than a dozen non-daily publications, and more than 100 digital services. CMG currently operates in more than 20 media markets and reaches approximately 52 million Americans weekly, including more than 30 million TV viewers, more than 4 million print and online newspaper readers, and 14 million radio listeners. For more information about Cox Media Group, please check us out online at www.coxmediagroup.com.
 The “Favado Holiday Spending and Savings Survey” received 449 respondents; the survey ran from November 25 – December 2, 2013.
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