23 million Americans bought deals in 2010

A survey finds that 10% of the adult population bought deals from daily deal sites last year

So did you guys hear that daily deal sites were a big thing last year? If you’re hearing this for the first time, I’ll give you a minute to process that.

It turns out that some 23 million Americans—or 10% of the adult population—purchased deals from daily deal sites like Groupon and LivingSocial in 2010, according to a survey conducted by Harris Interactive for the American Institute of Certified Public Accountants. The survey was conducted in recognition of National Financial Literacy Month in April, so it focused more on consumer spending habits than the daily deal sites themselves.

The survey found that consumers’ reasons for purchasing deals were split evenly down the middle between needing an item and wanting an item. Of the deals purchased by respondents, 49% were needed items and 48% were wanted items. Interestingly, men were more likely than women to purchase deals for items that they wanted versus items that they needed: 53% of men said that they purchase deals for items or services that they wanted but didn’t need, while 53% of women said they purchased deals for goods or services that they needed.

I guess the real question here is how the word “need” is being defined by self-reporting respondents. I know I definitely need a facial and six weeks of boot-camp classes to get in fighting shape for bikini season. But then again, if the price is right, I also need a $2 sundae at Coldstone Creamery and 50% off fly-fishing lessons.

So clearly, daily deals present an interesting contradiction: on the one hand, you’re saving, but on the other hand, you might be spending money you wouldn’t otherwise have spent on something you don’t actually need.

"The crux here is 'need' versus 'want,'" said Jordan Amin, chairman of the National CPA Financial Literacy Commission, in a statement. "We all love a great deal — and we encourage consumers to pursue any opportunity to save on items they need. A purchase, though, is always an exercise in prioritization. Spending on too many wants, no matter how great the perceived value, is lost opportunity for retirement or other savings."

And who is buying those deals? Daily deal sites tend to appeal most to younger Internet users between the ages of 25 and 34, who are more likely than any other age group to have purchased a deal from a daily deal site within the last year, according to the survey.

Consumers’ deal-purchasing behavior could be indicative of a larger savings-oriented cultural shift in response to the recession, researchers suggest. More than half of all Americans are unable to save, and 4 in 10 working adults say they’ll never be able to afford retirement. Additionally, 6 out of 10 adults say they’ve changed their behavior to adapt to rising gas prices, and 48% of adults say they’ve modified their spending habits to deal with rising food prices. 

Image source: Groupon.com