If you think they're every savvy and frugal shopper's best friend, time to think again
Your mom isn't the only person who clips supermarket coupons. According to a recent survey by Visa, 72% of Americans who earn more than $125,000 use them, compared with 65% of the population at large.
Problem is, it's not such a great idea. Research suggests that coupons actually cost shoppers money. Tests of a new supermarket scanning gizmo in Syracuse, N.Y. last fall showed that people who used coupons spent 8% more than folks who didn't. This follows a 2002 study co-sponsored by Washington University in St. Louis that found that shoppers spent an extra $8 on unplanned and luxury items for every $1 coupon they used. "Steak, flowers, candy--people were treating themselves because they felt so good after using coupons, and of course they spent a lot more on the treats than they saved on the coupons," says marketing professor Ambar Rao, one of the 2002 study's authors.
| • | Those Coupons Are Actually Clipping You
May 2005 Money Magazine, Sunday, May 1, 2005 Byline: Etelka Lehoczky |
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