Inflation may be causing prices to soar, but Americans are proving themselves to be savvy bargain hunters, with no plans of stopping their quest for savings any time soon. According to a recent survey conducted by OnePoll for Ollie’s Bargain Outlet, a whopping 91 percent of respondents have witnessed price increases in common items over the past year, leading them to adjust their shopping habits and adopt a more frugal approach.
The survey, which gathered insights from 2,000 Americans, sheds light on the growing trend of bargain hunting amidst inflation. An astonishing 85 percent of respondents now find themselves actively seeking deals more than ever before, a significant increase from the 67 percent who expressed the same sentiment in 2022.
One of the most intriguing findings is that 36 percent of respondents vow to continue their bargain hunting habits even when their finances are thriving. It seems the skills acquired during these uncertain times are here to stay, with 87 percent of respondents stating their intention to maintain these money-saving habits for the long haul.
So, what exactly are these savvy shoppers doing to keep their wallets happy? Some popular strategies include purchasing off-season clearance items and saving them until needed, comparing prices across multiple stores, and employing the “dollar-in-a-jar” method for every hour of TV watched.
Moreover, the survey highlights how Americans are increasingly shying away from paying full retail prices
A staggering 45 percent of respondents admit they are now less likely to make a purchase if an item is not discounted, a considerable jump from the 25 percent recorded last year. This shift in consumer behavior has led to cutbacks in spending on eating out, general shopping, and leisure activities for 60 percent, 47 percent, and 45 percent of respondents, respectively.
John Swygert, the President and CEO of Ollie’s, noted, “In times of economic uncertainty, we see consumers becoming more cautious about spending their hard-earned money.
That’s why it’s more important than ever to provide customers with deep discounts on brand name products to help stretch their dollar even further
The survey also highlights the areas where Americans feel the pinch most acutely. Respondents pointed out that gas (56%), fast food (45%), meat/fish (43%), eggs (43%), and clothing (41%) are among the items currently deemed too pricey. It appears that finding bargains not only stretches budgets but also impacts emotional well-being, with 85 percent of respondents indicating that securing a good deal brightens their day.
But what qualifies as a “good deal” in the eyes of these seasoned bargain hunters? On average, Americans estimate that an item must be discounted by at least 36 percent to be considered a true bargain. However, one in five respondents stands firm, insisting on discounts of 50 percent or more to make a purchase worthwhile.
In an astonishing show of patience, more than half of respondents (56%) would delay a purchase, even if they needed an item urgently, in hopes of finding a discounted offer later. Furthermore, three out of four respondents are willing to wait up to one month to secure a discounted deal (76%).
As John Swygert aptly summarizes, “Today’s shopper is more knowledgeable than ever before. They know a good deal when they see one and won’t settle for full retail price. Contrary to what many may believe, deals do exist on brand name items! It’s important for consumers to explore all of the options available to them to get the most savings on the products they love.”
In a world of rising prices, it seems that the spirit of the bargain hunter is alive and well, and it’s here to stay. Americans are navigating the challenges of inflation with savvy strategies and a determination to make every dollar count.
