The UK coupon market increased by over a third (35 per cent) in 2013 as savvy consumers opted for an online bargain.
The average household now redeems coupons and vouchers worth about £64 a year. 603m coupons and vouchers were used in 2013, up from 448m in 2012.
The coupon market is used by major retailers such as Currys, Sports Direct and Marks and Spencer to give consumers money off if they spend online. Prominent voucher website Vouchercodes.co.uk, part of RetailMeNot, Inc, says it delivers an average saving of £6.48 per transaction.
The figures from Valassis, which works with 85 per cent of the market, show that coupon redemption is continuing its upward trend, with volumes increasing by 223 per cent since 2010. Retailer-issued coupons are driving most of the growth and account for 71 per cent of redemptions or 466m coupons.
“The recent increases in retailer-issued redemptions are primarily due to the popularity of coupon-at-till promotions and price matching promises which mean the consumer would not have been able to buy certain items as economically elsewhere,” explained Charles D’Oyly, managing director of Valassis.