There was a time when young people didnât use coupons. They were far less likely than their older peers to read a Sunday newspaper and see coupon inserts, and they didnât care much about clipping coupons to stretch their money further. That is, until they had families and suddenly realized the cost of diapers, which rapidly changed their mindset.
Enter social media and social couponing. The big four â Groupon, LivingSocial, Barcode Scanner, and Foursquare â have rapidly changed young peopleâs attitudes toward coupons. Rarely does a week go by that I donât hear a friend mention finding a deal on Groupon or suggesting we all snag a discount on Living Social to use together. Suddenly, couponing is social and fun, as well as economical.
In a forthcoming Ypulse Report (check back tomorrow!), we asked students about their use of these sites. Groupon came out on top with 32% of students having used the site, and another 48% having heard of it but not used it. While usage may seem low, awareness of the sites is high. Among college students (who have the advantage of having their own credit cards to use on the sites), usage and awareness was higher than among younger students.
They like the sites for the ability to get deals, but this type of couponing appeals to Millennials on a much deeper level because it makes shopping more like a game. Just like they want to be the first to tell their friends about a cool video on YouTube, they want to be the first to share a good deal from Groupon on their Facebook wall. Brands can leverage studentsâ gamer sensibilities on social couponing sites. Foursquare is making a move to help marketers do just that, setting up connections with LivingSocial, BuyWithMe, and Gilt City to alert users who check in to deals at the location and…