WJR Business Beat: It’s Popular to Be a Cheapskate (Episode 473)

Jeff Sloan talks with Paul W. Smith about the allure of finding a deal with a new study showing consumers aren’t afraid of being viewed as cheapskates.

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Paul: We’ve reconnected with the one and only Jeff Sloan with our WJR Business Beat. Good morning, Jeff.

Jeff: Well, good morning, Paul. I think we’ve got it this time. Maybe a little, uh, grease from the chicken wings getting in the wiring or something there.

Paul: That’s two references to chicken right before 7:30 in the morning.

Jeff: Listen, Paul. You’re in Frankenmuth. What do you expect? And Sean, not a bad impersonation. Good morning, Paul. Good morning, Sean. Listen, guys, here’s something for you on this Friday morning on the Business Beat. How would you guys feel speaking strictly hypothetically, of course, if I were to call you cheap? Now, traditionally most might find that a bit off-putting, right. Well, now hold on. A new survey conducted by the bargain retailer Ollie’s has found that a majority of American consumers these days in these tough economic times, 54% to be precise, actually consider it a compliment when someone thinks they’re cheap. Really? Oh yes, indeed it’s true.

Ollie’s had the survey conducted through the polling service One Poll in which 1,000 consumers were surveyed. And the survey found that, especially in today’s challenging economic times, bargain hunting and deal finding and even coupon clipping is something that many Americans find rewarding. And those that are really good at it consider it a positive to be a cheapskate these days. Now we all know that it does take some skill and time to hunt for the best deals and for many, finding a great deal and making a great buy at a great price point actually creates a sense of success and even a feeling of victory and Ollie’s is even running a contest now to find America’s biggest cheapskate.

Now, here are some specifics from the survey: 39% say that getting a good deal is as pleasing as eating their favorite food and 37% believe it’s as good as going on vacation. What do Americans consider a good deal these days? Well, in these tough times, Americans, 25% of them, now require at least 50% off to consider it a good deal. What, what happened guys? Is that 10% off, no more? Seventy percent of Americans believe that they’re really good at finding a great deal and will only buy when they do. It almost makes you feel guilty these days, guys, if you’re not buying on a deal. So there you have it, being frugal these days is actually a badge of honor.

Paul, the next time you buy a pal a cup of coffee, don’t be shy to pull out that coupon, Paul. It’s OK even if they think you’re a cheapskate.

I’m Jeff Sloan and that’s today’s Business Beat right here on WJR.

Paul: I’m never afraid to get a deal.

Jeff: Right? Isn’t it beautiful? All right. There, you have it. Listen, if you’re a business owner, you better appeal to those people out there looking for a deal and even congratulate them and compliment them for not only buying a great product or service, but getting it at a deal.

Paul: All right, there, you have it guys. Thanks, Jeff. Jeff Sloan here, our WJR Business Beat. Listen to ’em over the weekend, too, at 7:21 at 760 WJR.

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