Money News

Brits bargain hunt in UK’s "freeconomy"

By Martin Fagan - news@consumerchoices.co.uk

Savvy Brits save £51bn a year on discount codes, special offers and freebies, says Halifax.

Britain's "freeconomy" is thriving, with bargain hunting Brits saving £51billion a year as they look to economise, according to Halifax Home Insurance.

As nine out of 10 (90%) cash-strapped Brits turn to money-off vouchers, special deals and freebies, the research conducted by Halifax showed that, over a 12-month period, the average adult saves £1,196.

Money being tight was the reason 42% gave for seeking out bargains, while one in 10 said they now get annoyed when their partner pays the full asking price for goods and services.

Deals on eating out are the top target for a discount, as 53% save on restaurants, takeaways and fast food. A further 38% look to save on holidays and a quarter on flights.

The convenience of voucher websites appears to be fuelling the "freeconomy", as 36 million (75% of Britons) head online to get money off. Halifax says that getting a good deal is now a social activity, with 44% sharing discounts with friends and 7% even competing to see who can save most.

"The recent downturn has made us more careful about what we spend and more savvy in searching for savings and getting a good deal matters,” said Lindsay Forster, director for Halifax Home Insurance.

“People now quite rightly expect a good deal and feel comfortable shopping and even bartering to make sure they get the best price whether for a meal, a flight or even insurance.”

The "freeconomy" has also influenced people’s generosity, with 27% saying they use money-off vouchers to help buy better presents for family and friends. Romance has been touched by the “freeconomy” as well - 9% said they would take advantage of a discount deal on a date.