The once hugely popular coupon business still exists, but has changed dramatically. Customers today are looking for quality rather than big discounts, a recent study has found.
Bónusz Brigád coupon association entered the market eight years ago and to mark that anniversary has made an overview of changes in customer preferences, a press release sent to Budapest Business Journal says.
In the period shortly after the financial crisis of 2008, consumers were looking for the highest price reductions. At that time, companies that joined the coupon system offered 50-90% discounts. Today, a 60% discount is seen as extreme and rare, Zoltán Kaprinay, co-founder of Bónusz Brigád says.
The value of purchases has also changed: while in 2011 the average purchase price was HUF 8,000, this year it is HUF 12,000. Market turnover has also grown constantly, reaching HUF 10.2 billion in 2014 and forecast to hit HUF 13 bln this year.
Another significant change is that in the beginning, an offer was usually available for one day, or a maximum of one week. Today it is not rare that an offer is available for several months. This reflects a change in the customersʼ attitude; they are more conscious in their purchases than before, when shoppings were made primarily based on quick decisions, Kaprinay said.