By Ben Sillitoe - 12:02PM - Wed 18th August 2010
Online bargain hunters often end up spending more money on shopping than consumers who are willing to pay the set ticket price, according to new research.
The annual UK Online Retail Report from payment service PayPal shows that, over the last six months, discount obsessed shoppers who are always on the lookout for the best deal have spent an average £823 more online than people who rarely seek the cheapest prices.
In terms of consumer spending patterns, this indicates that people are looking to get more for their money rather than putting aside the cash they save through bargain hunting.
Author and personal finance journalist Sue Hayward, who contributed to the report, said: “I think most people are looking to make their money go further rather than cutting back.
“If you have a budget of £300 and you can get a washing machine £50 cheaper online, most people will trade up and get a better quality model online or via a department store or clearance website, rather than pocket the saving.”
Whatever you read into the research, it is evident that offering deals to customers is a vital part of successful retail.
The survey shows that 43 million Britons are constantly on the look out for special offers and promotions, while 30 million consumers have used discount vouchers in the last six months.
Cameron McLean, General Manager, Merchant Services, at PayPal UK, commented: “Our research shows that online bargain hunters are often the biggest spenders.
“That’s good news for retailers, as they recognise that lower prices can be good for business. But it’s also great for a new generation of shoppers who expect to get better value for money.”