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Brits love a bargain - nine in ten always look for special offers

Posted on 18 August 2016

  • 43% would go over budget for a BOGOF
  • Even three quarters of those earning £60k+ think special offers are worth hunting out
  • 84% have switched brands because of a special offer

No matter what we earn, we love a good deal

In its annual Cash Happy report, which studies the day to day finances of 3,000 UK households, SunLife found that no matter what we earn, we love a good deal!

The research found that 92% of us feel good when we take advantage of special offers and 89% always look for special offers – even amongst high earners, more than eight in ten always look for BOGOFs and other deals and three quarters think special offers are worth doing.

While 69% only buy special offers when it is a product they would usually buy anyway, 88% have tried a different product just because it was on offer and 84% have switched brands to take advantage of a deal.

Those most likely to take advantage of special offers are those aged under 35; 90% of this age group ‘always look for special offers,’ however, it is those aged 35-44 who are most likely to go over budget to take advantage of special offers – 50% compared to 45% of the 18-35s.

Pensioners also love a bargain - 83% of the over 65s are always looking for deals, but they are less likely than workers to go over budget (30% compared to 46%) or to try new brands and products as a result of special offers.

Those who budget formally are more likely to go over budget to stock up on special offers than those who don’t - half said they would compared to less than two in five of those who budget informally. And the more people in the household, the more likely that household is to go over budget for a special offer; only 37% of people living alone would go over budget compared to 55% of those with 5 or more people.

Young people aged between 18 and 24 are the most sceptical about special offers with a quarter saying special offers are ‘not usually worth it’. This compares to the 55-65 age group where only 10% are cynical about special offers.

In terms of region, Welsh households are the most likely to take advantage of special offers with 94% saying they always look for them, the least likely is the East Midlands - 85%. Londoners are the most sceptical – one in five (21%) think they’re not usually worth it compared to 17% nationally and just 13% in East Anglia.

Ian Atkinson, head of brand at SunLife said: “Our research shows that the majority of people are confident that when we buy into special offers, we are getting a good deal, and more than nine in ten of us say we feel good when we have taken advantage of a special offer.

“Supermarkets get quite a lot of criticism for their BOGOFs and earlier this year, the Money Advice Service found that shoppers were being ‘seduced’ into spending up to £1,000 a year extra as a result of special offers.

“However, despite criticism, it seems BOGOFs and similar deals are still very popular, with 89% of people admitting they ‘always look for special offers’ when they shop.

“Savvy shopping is an important part of keeping finances in check, and according to Cash Happy, those who budget, save and take advantage of special offers are happier than those who don’t.

“Everyone likes to think they’re getting a good deal, and with eight in ten of us believing BOGOFs are offering value for money, they are probably here to stay!”

Ends

 

  Total 18-24 25-34 18-34 35-44 45-54 55-65 65+ Male Female
I always look for special offers 89% 90% 90% 90% 90% 88% 87% 83% 86% 90%
I feel good when I take advantage of a special offer 92% 94% 93% 93% 92% 91% 93% 89% 90% 94%
I have bought a different brand as a result of a special offer 84% 85% 88% 87% 88% 88% 78% 69% 82% 86%
I have bought a new product as a result of a special offer 88% 89% 91% 90% 90% 91% 81% 80% 86% 90%
I will go over budget in order to stock up on special offers 43% 43% 47% 45% 50% 42% 35% 31% 42% 43%
I only take advantage of special offers if it is something I usually buy 69% 71% 67% 69% 64% 68% 71% 78% 68% 70%
Special offers are usually not worth it 17% 25% 20% 22% 19% 12% 10% 15% 18% 16%

 

  Total Employed Retired Not Working 1 in household 2 in household 3 in household 4 in household 5+ in household
I always look for special offers 89% 89% 83% 91% 83% 89% 90% 89% 94%
I feel good when I take advantage of a special offer 92% 93% 90% 93% 89% 92% 94% 92% 93%
I have bought a different brand as a result of a special offer 84% 86% 71% 89% 82% 83% 85% 86% 92%
I have bought a new product as a result of a special offer 88% 89% 80% 90% 84% 86% 91% 91% 94%
I will go over budget in order to stock up on special offers 43% 46% 30% 37% 37% 41% 43% 49% 55%
I only take advantage of special offers if it is something I usually buy 69% 66% 77% 72% 70% 71% 69% 64% 65%
Special offers are usually not worth it 17% 18% 13% 15% 18% 14% 18% 21% 17%

 

  Total 1 earner in household 2earners in household 3+ earners in household Single/Lives Alone Cohabiting with Partner Young Family Older Family Empty Nesters
I always look for special offers 89% 87% 91% 89% 83% 90% 92% 88% 89%
I feel good when I take advantage of a special offer 92% 91% 93% 92% 89% 93% 93% 93% 92%
I have bought a different brand as a result of a special offer 84% 85% 86% 85% 82% 85% 88% 83% 78%
I have bought a new product as a result of a special offer 88% 86% 90% 92% 84% 87% 92% 88% 83%
I will go over budget in order to stock up on special offers 43% 42% 45% 46% 37% 45% 52% 40% 35%
I only take advantage of special offers if it is something I usually buy 69% 70% 66% 67% 70% 70% 66% 69% 73%
Special offers are usually not worth it 17% 17% 16% 21% 18% 18% 19% 15% 12%

 

  Total 0 children 1 child 2 children 3 children 4+ children Budget Formally Budget Informally Little or No Budgeting Earn under £200k £20001 to £40000 £40001 to £60000 £60000+
I always look for special offers 89% 87% 90% 88% 91% 92% 89% 90% 84% 88% 90% 89% 85%
I feel good when I take advantage of a special offer 92% 92% 93% 92% 93% 91% 92% 93% 89% 92% 92% 94% 91%
I have bought a different brand as a result of a special offer 84% 84% 87% 82% 84% 81% 84% 86% 81% 85% 84% 87% 75%
I have bought a new product as a result of a special offer 88% 86% 90% 88% 90% 91% 90% 87% 86% 87% 89% 90% 87%
I will go over budget in order to stock up on special offers 43% 42% 46% 41% 47% 43% 48% 38% 38% 39% 42% 48% 53%
I only take advantage of special offers if it is something I usually buy 69% 68% 71% 67% 69% 74% 68% 69% 69% 72% 67% 64% 70%
Special offers are usually not worth it 17% 18% 18% 15% 15% 11% 19% 13% 18% 18% 15% 16% 24%

 

  Total North East North West Yorks/Humb East Mids West Mids East Anglia London South East South West Wales Scotland N Ireland
I always look for special offers 89% 88% 87% 93% 85% 90% 87% 87% 90% 85% 94% 89% 86%
I feel good when I take advantage of a special offer 92% 91% 92% 93% 89% 95% 92% 94% 90% 90% 96% 92% 90%
I have bought a different brand as a result of a special offer 84% 90% 80% 87% 85% 85% 88% 81% 86% 83% 83% 84% 77%
I have bought a new product as a result of a special offer 88% 91% 85% 90% 87% 86% 94% 86% 89% 85% 91% 90% 83%
I will go over budget in order to stock up on special offers 43% 44% 42% 43% 41% 39% 46% 45% 45% 44% 42% 39% 41%
I only take advantage of special offers if it is something I usually buy 69% 68% 64% 69% 72% 68% 69% 68% 71% 71% 66% 69% 73%
Special offers are usually not worth it 17% 17% 19% 15% 17% 17% 13% 21% 16% 18% 16% 17% 12%

 

About Cash Happy

Cash Happy was commissioned by SunLife and undertaken by Charterhouse Research who completed 2,984 online interviews between 16 March – 12 April 2016 with UK adults aged between 18 and 85. All interviewees were able to answer questions about the household or individual finances. Interviews lasted 25 minutes. All respondents are financial decision makers. All are responsible for paying bills and other household expenses.

To calculate happiness, respondents were asked the following three questions and asked to scale them between 1 and 10, with 1 being not at all satisfied/happy and 10 being extremely satisfied/happy:

    1. All things considered, how satisfied are you with your life as a whole nowadays?
    2. How happy did you feel yesterday?
    3. Thinking forward to the next 5 years or so, how happy do you feel about your future?

The results were then averaged, to give an overall happiness index scaled from 1 to 10.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife?

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Dignity Funerals is not authorised or regulated for this activity by either the Financial Conduct Authority or the Prudential Regulation Authority. Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

Dignity Funerals Ltd arranges and provides the funeral services. Dignity Funerals is not authorised or regulated for this activity by either the Financial Conduct Authority or the Prudential Regulation Authority. Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.