Tech Tools Prove Vital as Consumers Tackle Inflation
November 27, 2023: Price comparison platforms, budgeting apps, and discount sites are emerging as crucial tools for consumers grappling with rising costs.
A recent survey reveals that 62% of consumers consider apps and digital services critical for managing finances during the ongoing cost-of-living crisis. This trend is particularly pronounced among younger generations, with the ‘App Generation’ (under 35) leveraging an average of 41 apps and digital services monthly.
Leading the Charge: Price Comparison Platforms
42% of respondents turn to price comparison websites for the best deals on essential goods and services. These platforms empower users to compare prices across various providers, enabling informed purchasing decisions and maximizing savings.
Budgeting Apps Offer Precision Control
42% of consumers rely on budgeting apps to track their spending and stay financially conscious. These apps provide a comprehensive picture of income and expenses, enabling users to allocate funds effectively and avoid overspending.
Discount Sites Unlock Savings Opportunities
40% of respondents utilize voucher and discount sites to access exclusive deals and promotional offers. This tactic allows budget-conscious individuals to leverage significant discounts on purchases, maximizing their spending power.
Shifting Consumer Behavior toward Quality Apps
The study reveals a growing demand for high-quality apps, with 64% desiring only the best app options and 66% voicing heightened expectations for digital service quality compared to two years ago. This trend suggests a greater emphasis on user experience and app performance as consumers seek efficient and reliable tools for navigating a tight budget.
Limiting App Overload
Despite the clear benefits of digital tools for managing finances, 67% of respondents aim to limit the number of apps they use. This highlights a growing awareness of app fatigue and a preference for consolidating tools for streamlined and efficient management.
Digital Solutions Offer a Lifeline
As inflation continues to impact daily life, price comparison platforms, budgeting apps, and discount sites are vital in empowering consumers to manage their finances and cope with rising costs. These readily available resources provide accessible and efficient pathways to navigate a challenging economic landscape.