More Than 60 Percent of Americans Say Concert Tickets, College Tuition, and Health Insurance are the Most Overpriced Items, According to New Survey Findings From Slickdeals
On average, most Americans state that they don't get their money's worth on at least $229 of their total expenses every month.
LOS ANGELES, Sept. 26, 2018 /PRNewswire/ -- Slickdeals, the leading crowdsourced shopping platform, commissioned a survey of 2,000 Americans on what items they would rather spend or save, in which the results illustrate the relationship between perceived value and how much Americans are willing to spend. A majority of participants voted that they would prefer to save on over 50 percent of the items listed in the survey.
Most consumers do not mind skimping on quality if it means they can save money more often. With the costs of groceries, paper towels, and eating out being quick to accumulate, many Americans insist on spending as little as possible on commodities bought more frequently that vary in quality but deliver similar results, are of single-use, and easily consumable.
However, consumers prefer to spend more on certain frequently purchased commodities like toilet paper, toothpaste, and coffee. The quality of these products are considered significantly more important than lower prices of cheaper counterparts.
Consumers are more likely to spend on better quality items that are valued for their durability and long lifespan. The survey showed that nearly 68 percent of Americans would save on casual shirts and fast-fashion, but were willing to spend much more on dress shirts, coats, and shoes. Other "premium" items include laptops, household appliances, and makeup.
"This survey indicates that perceived value can greatly influence our shopping habits," said Slickdeals CEO, Josh Meyers. "For example, coffee, toothpaste, and skin care products deserve a premium according to our survey, while other product categories seem to be viewed more as commodities where corners can be cut without an impact on value."
Upon asking participants for the price points at which they deemed something "too expensive," their answers revealed that prices above $34 for a steak dinner, $31 for a bottle of wine, and $58 for nice shoes would make them no longer worth buying.
Many recreational and entertainment items are considered overpriced, with 69 percent of Americans rating concert tickets to be the most unworthy of splurging on. Especially when it comes to health insurance, college tuition, and medicine, most respondents argued that such necessities of high value and societal importance should be significantly lower in price.
Meyers added, "Saving money doesn't necessarily have to involve sacrifice. At Slickdeals, the leading crowdsourced shopping platform, we believe consumers can optimize for both quality and price. Our platform empowers consumers with knowledge that helps them make informed decisions and get the best value."
Additional survey data showed:
ITEMS AMERICANS SAVE ON VS. SPEND ON
Save | Spend |
Hand soap, dish soap, paper towels, wine, eating out, casual shirts, small household appliances, jeans, dress pants, dresses, socks, handbags, sunglasses, belts, jewelry, produce, bread, cheese, butter, chips/snacks, spaghetti sauce, beer, bottled water, milk, over the counter medicine, sunscreen, razors, cooking supplies, soda, phone chargers, headphones, shampoo, cereal, pizza, garbage bags. | Toilet paper, toothpaste, toothbrush, skincare, coffee, dress shirts, shoes, large household appliances, laptops/computers, mobile devices, coats, facial creams/cleansers, TVs, pet food, laundry detergent, bed, couches/chairs, makeup. |
TOP 20 MOST OVERPRICED ITEMS
Concert tickets | 69% |
College Tuition | 60% |
Health insurance | 60% |
Movie theater popcorn | 58% |
Gas | 58% |
Sport game tickets | 58% |
Car repairs | 57% |
Movie ticket | 55% |
Cigarettes | 53% |
Car insurance | 52% |
Apple products | 51% |
Rent | 51% |
Cable | 50% |
Airline tickets | 50% |
Weddings | 50% |
Medicine | 50% |
Hotels | 44% |
Utilities | 44% |
Wine at a restaurant | 43% |
Textbooks | 38% |
About Slickdeals:
Slickdeals is the leading crowdsourced shopping platform, where 10 million users interact to share the most up-to-date information on online shopping deals and coupons. Through the power of crowdsourcing, Slickdeals has saved members over $6 billion by providing a forum for communication, as well as shopping tools such as its free Android or iOS apps. Slickdeals consistently ranks in the Top 100 most visited sites in the U.S. per Alexa.
To read more money-savings tips and news-worthy coverage on Slickdeals, visit the company blog at: http://slickdeals.net/news/.
SOURCE Slickdeals
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