Be Wary Of Exchanging Personal Information For Coupons
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Be Wary Of Exchanging Personal Information For Coupons

Posted on Thursday, December 1st, 2022 at 8:47 pm
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Coupons can be very helpful when you need to shop for groceries. It is a good way to save some money. It is important to know that you should be wary of coupons that require you to give out your personal information. Doing so could be unsafe!

CouponBirds reported (in July of 2022) that almost 90% of consumers used coupons in 2020 and consumers saved about $3.6 billion on consumer packaged goods thanks to coupons. More consumers now turn to digital coupons. Over 142 million US adults redeemed digital coupons in 2020.

However, according to CouponBirds, the number of coupons distributed by retailers is declining despite increasing number of coupon users. Total coupon distribution dropped 15% to 200.13 billion in 2020. The downtrend is accelerating as coupon statistics for 2019 show distribution fell 12% to 235.46 billion the previous year.

According to CouponBirds’ data, the coupon codes offered by 1,000 retailers are decreasing. In March 2022, the average coupon offered by each retailer was nearly 13. It still continued to grow to over 14 coupon codes for each website. However, after April 2022, valid coupon codes offered by those retailers began to decrease. In June, it had fallen to less than 11 coupon codes per website while in July 2022, every merchant only provides about 10 coupons to customers. The decreasing coupon codes reflect retailers are shrinking their discounts to get more profit.

Capterra reported that most consumers are willing to provide their email addresses (85%), gender (70%), and name (60%) in exchange for discounts. In addition, significant proportions are willing to hand over their birthdate (48%), occupation (43%), and home address (32%). Capterra stated that a not-significant 7% say they are not willing to provide any information in exchange for discounts.

According to TMCNET, coupon codes, discount codes, or promo codes are always free. That means giving the appropriate customer a discount to put a smile on their face. But not every store offers real coupons and some of them will provide scam coupons to hurt your benefit or even use coupons to steal your information. That is why you should always look for stores that are well-known and have a good reputation.

Consumers have a strong incentive to provide information in exchange for discounts, which is also useful for companies to analyze user data. By leveraging these valuable customer insights, businesses can increase brand awareness, enhance their reputation, and personalize future marketing campaigns.

Unfortunately, sharing personal data to get 20% off a pair of jeans, or even more expensive items like headphones or laptops, opens the door to data fraud – even if those consumers don’t seem to know it.

In short, it is not a good idea to give out your personal information in exchange for a coupon that gives you a slight discount. Shoppers should value their personal information instead of exchanging it for a coupon. Instead, find ways to obtain coupons that does not require you to hand over your personal information.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.