A new study has revealed that a large proportion of Britons are looking to coincide the official start of summer with attempts to start saving money and making financial ‘mid-year resolutions’.
Two thirds of Britons polled in a new study are trying to use more online discounts and vouchers, switching to more affordable brands and reading more online reviews in a bid to cut down on their spending after analysing their money management during the first half of the year.
The team at affiliate network affilinet commissioned research to investigate the consumer spending habits online during different times of the year. 2,293 Britons were polled, all of whom were aged 18 or over.
Initially, all participants were asked if they were looking to take the start of summer as an opportunity to start tightening their budgets in terms of their financial outgoings, with just over two thirds (67%) agreeing that they were looking to do so. Of these individuals, 52% confessed that they’d failed to successfully save any money during the first half of 2017, with nearly one third (32%) admitting that booking a summer holiday at the beginning of the year had limited their chances of saving.
Next, all those who stated they were looking to start saving more money from this point in the year onwards were given a list of potential answers and asked to state which ways they were planning to tighten their budgets. The top five answers emerged as follows:
- Use more online discounts/vouchers – 43%
- Switch to more affordable retail + grocery brands – 39%
- Set myself a daily/weekly/monthly budget – 32%
- Transfer savings to a separate account as soon as I get paid – 19%
- Read more online reviews before making purchases – 15%
Next, all respondents were asked if they believed summer to be a good time to try and tighten their budget and start saving more money; with just under three quarters (72%) stating that it was. When asked to give their reasons for this, the top five answers were:
- I engage in more outdoor activities that are cheap/ free to take part in
- I eat healthier and cheaper meals
- I walk more and rely less on my car/public transport
- My heating & electricity bills are less than during other seasons
- I have more house parties/BBQ’s and visit pubs & restaurants less
Senior Marketing Manager at affilinet, Sophie Parry-Billings, said the following:
“There are many ways in which a shift in the season and weather can affect our consumer spending habits. This research shows how increasingly savvy the online consumer is becoming.
“Many online retailers are already offer online discounts and vouchers for summer clothing and BBQ food and drinks, and there are also some fantastic last minute holiday deals to be found online for those families looking to grab a bargain once the schools break up for summer!”
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