NEW YORK — When it comes to finding a good deal, 53 percent of shoppers say they’re proud to be labeled a bargain-hunter. In a recent survey of 2,000 U.S. adults, more than half consider being called “cheap” a compliment (54%).
In fact, the poll found the average respondent would travel an hour to a store if they knew an item they wanted was on sale there.
Cheap or frugal?
The survey – conducted by OnePoll on behalf of Ollie’s for their America’s Biggest Cheapskate contest – delved into how far the average person will go to save a bit of cash and how getting a great deal makes them feel.
In order for it to be a “good deal,” a quarter of respondents would need at least 50 percent off, but most respondents are just as happy with a deal under that amount (76%).
One in four even admit they’re less likely to purchase an item if it’s full price, with three in four saying they wait up to a month for an item to go on sale before purchasing it at full price. Seven in 10 are confident that they can find a deal on any item.
Fifty percent say they’re likely to share their bargain-hunting secrets with others, although a similar percentage would prefer to keep it to themselves (51%). Results also showed that nearly two in three people think it’s important for them to find a good deal when shopping (62%). A fifth of respondents add that a discount store is one of their favorite places to score deals.
Surprisingly, more people value finding a good deal on low-ticket items (74%) than big-ticket ones (69%). Perhaps this is because finding deals on big-ticket items takes an average of 23 minutes more than finding one for low-ticket items.
“In today’s economy and with the skyrocketing prices on consumer goods, it’s more important than ever that shoppers find ways to save money on a variety of items – both big and small,” says John Swygert, president and chief executive officer at Ollie’s, in a statement. “Shopping discount stores that offer bargain prices on brand name merchandise is a great way consumers can find good deals and save big.”
Retail therapy
In fact, two in three respondents agree that they find themselves searching for deals more often now than ever before due to the current U.S. inflation rate. Two-thirds of Americans agree that getting a good deal makes them feel better about spending money (67%).
This is helpful for the 41 percent who “always” or “often” find themselves purchasing something they don’t need because it was a great deal. Most of these respondents still believe those purchases aren’t in vain, with 70 percent sharing that they turned out to be useful.
Seventy percent agree that finding a good deal is worth the time it takes because it helps save money in the long run and two in three feel it helps boost their mood. Furthermore, 39 percent believe getting a good deal is as good as eating their favorite food, and 37 percent believe it’s as good as going on vacation.
“We’ve never met anyone who doesn’t love a bargain,” Swygert says.