If there is one thing that shoppers have in common, it’s that we all like a bargain and getting good value for our money. But beyond this basic human desire, the reality is that shoppers around the globe have very different spending habits. Money-saving website Savoo conducted a study to determine which countries have the most savvy and sustainable shoppers.
After analysing various metrics such as household spending and saving, the number of flea markets available, Etsy listings, and Google searches for discount codes, this is what they found.
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Which country is home to the savviest spenders?
That would be Belgium.
Low debt, high disposable income and average household savings of £1,026 per year make Belgium the world’s savviest nation. The country gets an overall score of 6.56 out of 10.
France and Germany come in second and third. Both receive a score of 5.74 with average household savings of £1,949 and £2,699 respectively.
The UK, with a score of 4.78 ranks eighth with a household saving of only £71.
According to Savoo, the low amount of household saving is attributable in part to the UK’s high average household debt of £29,642, as well as a lower average income (£20,675) than the other countries on the list.
The Irish are the most sustainable shoppers in the world
While Belgians might be the most savvy spenders, the Irish take the crown when it comes to thriftiness. Irish shoppers are the most likely to buy second-hand items instead of splashing out their hard-earned cash on expensive new items.
This also makes them the world’s most sustainable shoppers, given that buying used items rather than new is a big part of sustainable shopping.
Savoo found that the Irish are among the leading shoppers of second-hand items on Etsy with an impressive 33.2 second-hand Etsy products per million people.
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Tips for becoming a more savvy and sustainable shopper
When it comes to savvy spending, the UK only ranks 8th. So how can we do better? How can we improve our shopping skills to lower our total spending, save money and perhaps even help the planet while we’re at it?
Here are a few simple and practical tips.
- Create a budget: Without a budget, shopping can get out of control quickly. A budget prevents impulse purchases and overspending, meaning you save money.
- Choose vintage or used over new: By going for used instead of new, you can kill two birds with one stone. You save money while also helping the environment.
- Purchase non-perishable items in bulk ( flour, sugar, rice, toilet rolls, etc): Bulk purchases usually cost less per unit. You’ll also save money by reducing the number of shopping trips you make.
- Shop around for better deals: Use supermarket comparison sites or apps to identify locations where products are the cheapest and keep an eye out for discounts. One reason Belgians are the savviest spenders is that they take time to look for deals. The stats show that there are 81 discount code-related searches per 1,000 people each month in the country.
- Take advantage of all the money-saving benefits that credit cards offer: Rewards cards, for example, offer a variety of benefits. These include shopping discounts at specific stores, frequent flyer miles, and loyalty points that can be redeemed for purchases. Cashback credit cards, on the other hand, give you back a percentage of the amount you spend. If used correctly, these could earn you hundreds of pounds per year. The key is to avoid overspending and to pay off your balance in full each month.
