Coupons do influence my purchase decisions to a large degree as I believe it does for the majority of the population. Using a coupon is being resourceful and making the most out of your financial options. Many people tend to be embarrassed using coupons because they can be viewed as being poor, cheap, or frugal. I believe coupons are a smart way to save money on purchases and they offer the consumer a variety of options ranging from a fixed amount, to a specific percentage off. I especially like the buy one get one free offers.
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In college Microeconomics courses, the concept of demand is discussed and is defined as the amount of people willing and able to buy a product. The quantity of the demand is the amount of people in society that will be buyers of a particular product because of those reasons. A coupon makes a product less expensive than it originally was increasing how many people will be both willing and able to buy the product. Like most people and businesses, I want to get the most out the money that I spend. If I had two qualitatively identical products in front of me, and one of the product can be bought at a cheaper price through a coupon, I am going purchase the product with the coupon.
Socioeconomic status can change how often a person will use a coupon. For example, billionaires like Bill Gates and Oprah Winfrey probably are not using coupons often because they don’t need them. However, though on a larger scale, they apply the same principles when making financial decisions. Instead of using a coupon to buy a box of cereal, they will chose a production or construction company for a project that will give them the best result out the money they spend. With the kind of money they have, it will not be as significant but, it was making the most out what they had which helped them become profitable throughout their life: economics and life.
In everyone’s life, they will learn the importance of financial decision making. In my case, I am a college student attending the prestigious (and expensive) Loyola Marymount University. I live with my mom who is single mother that is paying an out-of-state tuition for my freshman year at LMU. The cost of college resulted in a change in spending plans and being smarter with the money I have. As a college student, I have learned the importance of being resourceful. A coupon will have a bigger impact is now more helpful and more significant. The choices are more impactful to my financial standing than that of a millionaire businessman living on his own. Ultimately, I will want to get the most out of the amount that I spend.
I am convinced that coupons might just be the best form of advertising out there especially if a country’s economy is not doing well and prices are increasing. People get excited when they see coupons and consider buying things they wouldn’t have though have buying in the first place. According to MediaPost.com, “…coupons play on short-term gratification, introducing the promise of reward, compounded by the dopamine rush that comes from snagging a great deal.” Consumers love to consume efficiently by receiving the most out the money spend. Many people actually have tactics to maximize their savings with coupons. According to Investopedia,”…three to four weeks later, there might be a sale where the item is 50% off or buy one, get one free. If consumers hold on to their coupons and wait for a sale, they can maximize their savings.” The goal for everyone is the same and, it is make decisions in life that will be more profitable. We want less cost and more gain which gives us a feeling of success in our finances whether on a big scale or with simply using coupons.
Coupons do affect my purchasing decisions. I want to make the most out of the money I have and a coupons is one small way of the many ways you can do this. I want to be resourceful and create good spending habits that will remain for the rest of my life.