The ‘Frugal is the New Black’ infographic uses facts to show that the United States public have become much more consciousness of how they spend their money in recent years. Families are looking for ways to save money and cut back on high expenses as the frugal frenzy continues to grow.
Coupons have become extremely popular as websites like Groupon have boomed. Using coupons can cut down a family’s yearly grocery expense by as much as 25%, which is about $2,400 a year. Since the recession generic grocery brand sales are up by 33%. People are also saving money at the pump by cutting back on driving and looking for alternative ways of transportation.
The Frugal is the New Black infographic shows that the economy is heading towards a cheaper future.
Budgeting Economy Graphs
The 'Frugal is the New Black' Infographic Shows a Coupon-Cutting World
Trend Themes
1. Coupon-cutting - Opportunity for businesses to develop innovative coupon platforms to help consumers save money.
2. Frugal Frenzy - Potential for businesses to provide affordable products and services that cater to the growing demand for budget-conscious consumers.
3. Alternative Transportation - Disruptive innovation opportunity for companies to create sustainable and cost-effective transportation solutions.
Industry Implications
1. E-commerce - E-commerce platforms can capitalize on the growth of coupon usage by creating user-friendly interfaces for finding and redeeming discounts.
2. Retail - Retailers can leverage the frugal frenzy trend by offering value-oriented products and promotional activities to attract budget-conscious consumers.
3. Transportation - Transportation companies can explore innovative ways to provide alternative transportation options, such as ridesharing or electric vehicles, to address the increasing demand for cost-effective commuting.