Report: Shoppers Look for Private Label Products, Cashback and Loyalty Programs to Save

The vast majority of shoppers are purchasing private label or discount brands and looking for other ways to save money, according to a new survey California-based financial tech platform Wildfire Systems Inc.

The report, Shopping in the New Normal, surveyed 1,009 adults across the United States examined how shoppers are adapting to the current inflationary period. Nearly 80% of respondents (79%) reported purchasing more generic brands and discount products in 2022 versus 2021 rather than premium brands. Four out of 10 (40%) of respondents who already shop at discount retailers expect to shop at discount retailers more in 2023, while 39% of respondents expect they’ll buy fewer full-price items this year. Almost half (45%) said they spent less on non-essential items like travel or dining out in 2022 than in 2021.

“The pain of inflation and economic uncertainty is driving people to be careful about what they buy, where they shop, and the financial institutions with which they do business,” said Jordan Glazier, CEO, Wildfire. “With consumers increasingly looking for ways to stretch their dollars, retailers and financial services providers are stepping up to help consumers earn rewards and save money when they shop.”

The survey found that the vast majority of respondents are interested in saving while shopping with tactics like loyalty programs and credit card cashback programs. Nearly three out of four (74%) respondents increased their use of money-saving tools and tactics, such as using browser extensions for cashback rewards, in 2022 versus 2021, and 73% of respondents already use at least one money-saving tactic such as participating in loyalty programs, shopping at discount retailers, or earning cashback rewards.

Nearly half of respondents (48%) are more likely to complete a purchase when they earn cashback rewards. Cashback is the preferred money-saving tactic across all age groups, with 45% preferring cashback rewards the most, with coupon use ranking second at 31%.

The full report can be found here.