Published On: Fri, Oct 20th, 2023

Savings: Supermarket shoppers missing out on £182 a year thanks to unused loyalty schemes | Personal Finance | Finance

Consumers at supermarkets could be losing out on £182 annually in their grocery shop, according to new research.

A recent study carried out by Marks & Spencer Bank suggests people are missing out on these potential savings due to failing to use loyalty, reward or cashback schemes.

This survey of 2,000 adults revealed that 85 percent of shoppers take advantage of cashback deals and loyalty schemes.

As a result, these thrifty consumers are banking an average of around £15 a month in extra savings.

Furthermore, 11 percent of survey respondents who use these deals are earning £30 or more a month.

Read more … Asda slashing prices of must-have products

Some 29 percent of those polled shared that they are pleasantly surprised with how much extra money they have brought in.

Notably, 85 perent believe the cost of living crisis means it is more important than ever for supermarket loyalty schemes to be used.

In recent years, consumers have been forced to contend with inflation-hiked prices following the pandemic.

Around 30 percent of people polled by M&S Bank admitted they have signed up for more memberships due to the cost of living.

Looking closely at the data, 37 percent of shoppers were found to use their points to pay for everyday purchases, while 27 percent save them up for a treat on a special occasion.

Groceries, clothing and beauty products were among the most popular purchases to be made using reward redemption schemes.

Around 13 per cent admitted to forgeting to redeem them at all and seven percent do not know how to.

Recently, 52 percent have signed up to at least one new loyalty programme within the last 12 months.

Gill Roberts, who commissioned the research for M&S Bank, broke down why people should consider taking advantage of these supermarket schemes while they still can.

He explained: “In today’s ever-changing economic landscape, it’s great to learn shoppers are embracing the power of loyalty and reward programmes like never before to ensure they’re maximising their hard-earned money.

“In a world where every penny counts, these reward programmes empower people to make the most out of their purchases, whether treating themselves or helping the everyday budget stretch further, ensuring their loyalty is not just appreciated but also rewarded.”

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