Ever wondered which country would be the best at saving money every month? Well, the team at BravoDeal conducted some research to find out and here are the results they came up with.
According to the Smart Shopper Index 2021 outlined by BravoDeal, the smartest and most cost-efficient shoppers in the world come from France.
To conduct the study, BravoDeal researchers collected data corresponding to the spending and saving habits of 25 OECD countries across the globe and analysed the data against 5 key metrics: (1) household savings (2) household debt (3) purchase consideration (4) overall spending relative to the cost of living and (5) food spending relative to cost. These were then collected in a points-based index, where each country’s total scores were tallied up – the higher the index score, the smarter the consumer.
Looking at the Top 5
France stole the first spot with a total index score of 421 points. Although the French seemed to have quite a high percentage of household debt, they came out on top with the highest score on the purchase consideration scale. In second place with 312 points is Ireland. The Irish seem to be very considerate of their overall spending and food spending habits which helped them with their overall score, even though their percentage of household debt was higher than France’s.
With 288 points and just narrowly taking 3rd place is Germany. The nation has the highest percentage of household savings amongst the 25 countries analysed, being able to put aside 11% of their household income into savings.
Only 4 points behind in 4th place is the US with 284 points on the Smart Shopper Index. Although the Americans look to have very considered shopping habits, their high percentage of household debt sees them just miss out on a top 3 spot.
Rounding out the top 5 is Norway with 211 points. The Norwegians seem to have the best overall score with regards to spending relative to the cost of living. However, their downfall is that their household debt percentage is extremely high.
A Deeper Look into Shopping Habits
On top of outlining an index for smart shopping habits, BravoDeal decided to look a little closer at the most popular shopping categories for consumers to look for deals and discounts.
To conduct this research, BravoDeal looked at their 7 biggest markets within the group of 25 – the UK, France, Germany, the US, Italy, Spain and Poland, and collected Google data on the most searched for brands in regards to savings-related searches.
When it comes to finding discounts, Fashion is the top shopping category in 4 out of the 7 countries that were analysed. E-commerce retailer, Zalando ranked first in 2 countries as the top brand for consumers to search for discounts. Other fashion brands that appeared at the top were Otto, ASOS, JC Penney and Shein.
The other category that ranks quite high with regard to deals-related searches is General Lifestyle. The brands that came out on top with regards to this category are Hobby Lobby, AliExpress and Amazon.
An interesting find within the analysis of brands and discount-related searches was that although the most popular shopping category in the UK and the US was found to be Fashion, the specific brands that were found to be the most popularly searched came from different categories.
The top brand in the UK that was searched for with regards to discounts and deals is Uber Eats, which would be within the Food and Drink category. The top brand in the US for the same search is Hobby Lobby, which would be within the category of General Lifestyle.
What Does All of This Mean?
2021 has definitely been an interesting year for us globally – especially with regards to our shopping habits. Many of us have been dealing with the ups and downs of lockdown and trying to transition into a post-pandemic state of mind. Our needs and wants during this year have been quite different to what they would be, and our shopping habits reflect that.
Marco Farnararo, CEO at BravoDeal, said: “While online searches may tell one story, there are different variables that come into play, especially looking at spendings relative to cost or household savings.”
It will be interesting to see how the global shopping habits change as the world starts opening up more and things move into what we know as “the new normal”.