According to recent data, an AI-powered promo code platform, online retailers are offering 31% more coupon codes than they did last year, marking a notable shift in their promotional strategies.
The surge in discount codes is a direct response to the increasingly competitive nature of the e-commerce industry, where businesses strive to attract and retain customers through cost-saving incentives.
The growing consumer demand for discounts and deals in 2024
New research reveals a significant increase in promo code availability and value in 2024. An analysis of nearly 400,000 retailers on the platform from January to June showed a 31% increase in the issuance of unique promo codes compared to the same period in 2023, with retailers now offering an average of nine unique codes each.
Not only are promo codes more abundant, but they also provide greater discounts. The average discount has risen to 17.6%, up from 17.17% last year, and the average dollar amount off per promo code has jumped by 22%, increasing from $27.26 to $33.25. The popularity of single-use codes, which are often distributed via email and can only be redeemed once, has also surged, with a 47% rise in retailers offering these personalized discounts.
The research also identified common themes in coupon language, with phrases like “Off,” “Save,” “Welcome,” and “Free” being the most prevalent. The growing reliance on promo codes is driven by both consumer demand for savings and retailers' need to remain competitive amid ongoing economic challenges.
The study also highlighted that nearly 70% of Americans are more likely to make a purchase when a promotional code is available, and 62% actively seek out these codes when shopping online. This trend reflects consumers' ongoing efforts to save money as inflation remains a concern, even as worries about personal finances and employment have eased slightly in recent months.
What’s the reason? The convenience of accessing multiple coupons in one place
The accessibility of coupon codes has been significantly enhanced by platforms like Promocodius. These platforms aggregate discounts from various retailers, making it easier for consumers to find and use the best deals available.
The convenience of accessing multiple coupons in one place has contributed to the rising popularity of these codes, encouraging retailers to increase their offerings to meet consumer demand.
The use of coupon codes has expanded far beyond the traditional categories of food, groceries, and clothing. Today, consumers are discovering that coupons can be used to save on a much broader range of products and services, including travel expenses. For instance, travelers seeking to explore Britain’s iconic locations with a trusted tour operator might find particular value in an Evans tours discount code that may be checked on the page.
Favorable economic development
Furthermore, the economic landscape has also influenced the increase in coupon codes. With inflation and other financial pressures affecting consumers worldwide, shoppers are more likely to seek out discounts to stretch their budgets.
Retailers, in turn, are responding by providing more opportunities for savings, recognizing that offering a discount can be the deciding factor between a completed sale and an abandoned cart.
