| Economy update |
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| Written by admin | |
| Saturday, 05 July 2008 | |
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The rising cost of living is driving down sales of high value items such as televisions, and increasing the number of people switching to a cheaper utilities provider. Those trends have been identified among the half a million shoppers on the froggybank network, which is the UK’s largest network of consumer loyalty cashback websites. It compared buying habits of its 500,000 members in April to June 2008 to the same period in 2007. Sales of high value items are down 21 per cent, and credit card and loan applications have fallen eight per cent. But householders are keen to reduce their bills, with the number switching utility providers increasing 32 per cent. The number of people entering competitions to win cash is up 14 per cent, and the use of vouchers has shot up 17 per cent. Marketing manager Nadeem Azam said: “The trends are really clear. People have less money in their pocket, so they are buying less and trying to save more money. “That is why they are driven to cashback websites like froggybank in the first place. And once on board they are doing whatever they can to reduce their bills.” It’s estimated there are more than 20 million online shoppers who are yet to discover cashback and get back up to 100% of the middleman’s fee on all their online shopping. The network consists of 180 websites led by froggybank, the UK’s first and only green 100% cashback site. |
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