In just three years, the voucher codes industry has become a dominant force on the internet. Simply type "discount vouchers" into Google, and you will be swamped in a sea of money off discount codes and vouchers for products from electrical goods to fashion and home wares to gifts.
The internet is quickly becoming a rival of high streets. Even before the recession, shoppers were abandoning the high street in favour of goods delivered right to their door. Online shopping was portrayed as the ultimate way to skip the queues and find what you want. The high street put up a brave fight, but the internet slowly took over. As more and more people get access to the internet, shopping online is only set to get more popular.
Bargain hunters had already become more aware of the fact that the internet can be a vital tool in finding discounts. However, the arrival of promotional codes sites simply made bargain hunting easier, handing discounts for luxury and essential products to consumers on a plate.
The recession, together with the increasing popularity of social networking sites has ensured that voucher codes become an internet staple.Discount voucher sites are young, even by the internet's standards. However, in the years since their emergence, the industry has expanded rapidly.
According to a report by Econsultancy, the discount voucher industry continues to grow and will reportedly drive more than £4 billion in online retail sales this year. The market has grown by 22% year-on-year to a value of £3.82 billion by 2008.
According to Hitwise, the UK's leading online competitive intelligence service, more people searched for the isolated term "voucher codes" than they did "MP's expenses" in the month of May, 2009.
Discount code sites enable users to save money, not only on luxury brands such as designer clothing and beauty treatments, but also everyday items such as groceries. With such a broad range of vouchers on offer, is it any wonder that people are turning to the sites for money off?
Shoppers are becoming increasingly distrustful of 'fat cat' companies. During times of recession, consumers become much more aware of product cost, quality and value for money.
Promotional codes are even becoming socially acceptable to be used on first dates. According MoneySupermarket, one in three single women in the UK find prudent men sexier than spend thrifts, whilst nearly one in four single men said they'd have no qualms about whipping out a money off voucher. Whether this is a recession trend or a general trend is yet to be seen.
Voucher code sites are only a young trend on the internet, but they are already gaining power and loyalty from users. Their popularity growth could be due to the recession, or simply that this is the first time luxury and essential items are giving discounts at any time the consumer is searching. Their popularity is set to continue as consumers become more price savvy and product aware.
The Growth of the Voucher Code Industry