While the negative effects of the economic downturn continue to dominate the headlines, a silver lining has appeared in the midst of monetary misery – lower taxes, a decrease in personal spending and a slight increase in individual savings. To cope with tight budgets and uncertain futures, Americans have been forced to face their profligate ways and adopt a more frugal lifestyle.
And, because misery does indeed love company, we’ve witnessed the rise of a relatively new phenomenon – the era of “social savings.”
It’s not surprising that the use of coupons has increased dramatically during the downturn. But where coupon usage might have been a mark of destitution or deprivation in the past, today’s coupon clippers wear their savings as a badge of honor. Bragging rights go to those who can amass the most for the very least. In addition, savvy shoppers have formed their own communities to highlight their deal-hunting expertise, as well as share their finds with others.
And so recent years have seen exponential growth in coupon bloggers like Coupon Mom and Coupon Deals and Steals. In addition to posting links to deals such as a Huggies printable or Zappos coupon, they alert readers to current sales and deals going on at various retailers. Plus a number of coupon bloggers share their clipping tips via couponing classes.
Speaking of bloggers, it’s not just coupon bloggers experiencing a surge of popularity. Frugal living blogs like IPickUpPennies.net or communal blog Wisebread are popping up in ever-increasing numbers and more people are seeking money management insights or sharing the wisdom of their experience (ala Budgets are Sexy or The The Digerati Life) via a personal finance blog.
Another source for social savings is coupon sites like Savings.com. By giving consumers the ability to submit and “like” online coupons, these deal sites not only provide ways for shoppers to save money on their purchases, but reinforce the positive aspects of frugality through their community-driven deal sharing.
The communal aspect of saving money has evolved via consumer-collective sites like Groupon and Living Social. By banding together and achieving critical mass, discount-hungry buyers can enjoy savings of more than 50 percent on a variety of products and services. Further capitalizing on the social aspect of saving, numerous companies have established Facebook fan pages and Twitter accounts as a way to disseminate information about sales, deals and coupons to their customers.
No longer is it “every man for himself” in the marketplace. As consumers band together to share deals and flex their collective buying power, retailers are forced to take note and provide them with the discounts they demand. And while “social saving” may never replace baseball as America’s favorite pastime, it has certainly become the new sewing circle or book club — bringing like-minded individuals together and empowering them to make the best use of their money.
Courtesy of ARAcontent
