More Americans Are Turning to Social Media to Find Coupons and Deals to Help Them Save Money During Inflation

Thanks to inflation and the global supply chain crisis, the cost of necessities like food, housing and gas have exploded this year.  

Not only are Americans finding themselves paying twice as much to fill their gas tanks, but they are also paying higher prices for consumer essentials including eggs, milk, and toilet paper.

Inflation, which only recently exceeded a 40-year high, has been devastating for much of the nation. Rising consumer costs and higher prices at the gas pumps have affected many families that are trying to stay afloat amid these current economic woes.

Last month the nationwide average price for a gallon of gasoline had topped $5 for the first time in history. According to the Bureau of Labor Statistics, grocery prices have already soared 10.8% this year with no end in sight just yet. The cost of shelter is also up 5% in 2022, as a housing shortage has driven up prices in both the home property and rental markets.

Several economists believe that supply chain issues from the impact of the COVID-19 pandemic, surging demand, production costs, and swaths of relief funds all play a role in the current state of the economy.

“There’s a confluence of factors,” said David Wessel, the director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. “There’s a lot of things that pushed up demand and a lot that’s kept supply from responding accordingly, as a result we have inflation.”

The Federal Reserve approved its largest rate hike in almost three decades in June, signaling that it wants to get high inflation under control.

According to Brian Riedl, a senior fellow at the Manhattan Institute, raising interest rates will not fix the supply chain and until that is resolved, “we’re not going to be able to fully solve inflation.”

While there may be no quick fix solution for inflation, it’s better to not panic and focus on ways to save money instead. Rising price hikes have led to sticker shock and resignation, but also a determination to sniff out bargains.

Social media like Facebook, Twitter, Pinterest, YouTube and TikTok are not just a distraction these days. In fact, these platforms are offering consumers the chance to find phenomenal deals and resources to keep their expenses down.

One of the fastest ways to get early access to deals and discounts is by following companies on Facebook and Twitter. For example, Cheap Tickets (@cheaptickets) once tweeted a deal for 18% off participating hotel stays. Some companies post deals exclusive to social media. You can even ask for discounts by tweeting to the company directly.

The pound sign, also called the “hashtag,” has become a favorite among social media users in quickly finding relevant topics. Typing in generic words on platforms, like “coupon” or “promo,” can bring up countless ways to save.

Instagram coupon influencers, including @couponproblog, are sharing tons of coupons and ‘under the radar’ deals from many companies, including Starbucks and Krispy Kreme. These coupon hunters are hustling harder than anyone else to save more than what most people think is possible. 

“I started couponing right out of college in 09′. At this time, the housing bubble already popped, the stock market crashed, and it was difficult to find a job. I followed a few coupon blogs and discovered how much it really pays off. I was over my head in free toothpaste. And that’s when I started Coupon Pro. The rest is history,” said Ro, who founded Couponpro.

Discount codes promoted by influencers are also on the rise. Mary10 and Rosie30off might sound like online usernames, but they are some of the discount codes given by brands to influencers to share with their followers across social media. Fans can use these codes at checkout to purchase a specific item for a reduced price.

Suyapa Lucy Hernandez, who has over 280,000 followers on her Instagram account @LucysWhims, says most people shopping online are being guided by influencers rather than retail store staff or mainstream media.

With many people cutting back on eating out to save money, social media platform Pinterest offers one of the best ways to organize recipes for cooking at home. On Pinterest, users can create boards of recipes they want to try, as well as keep track of meal ideas they already love.

Along with cutting back on dining out, many people are sacrificing their gym memberships and opting to use YouTube and TikTok for their workouts. Regardless of fitness level or goal, the video sharing platforms offer a variety of free workouts to use. Pinterest additionally has tons of workout ideas to do at home, along with boards of motivational quotes.

During these financially hard times, neighbors across the country are gathering online to give and get the things they want and need for no cost. Facebook groups have become one of the best ways to finding free goodies locally. In “Buy Nothing” and gifting groups around the country, communities are connecting over free stuff and escaping the cycle of consumerism.

Social media platforms additionally now play host to a variety of advice and insights on personal finance. On TikTok, a space called FinTok has emerged with advice on budgeting, Isas, tax and debt, among other topics.

These are hard times, but the boom in social media sites devoted to sharing deals has made saving money easier than ever. Amazing cost saving ideas are now just a tap, click, or swipe away. 

Sources:

https://www.nbcnews.com/business/business-news/whats-causing-inflation-economists-point-fingers-different-culprits-rcna16156
https://www.business-standard.com/article/international/at-5-a-gallon-nationwide-average-of-gas-prices-hit-record-high-in-us-122061100394_1.html
https://www.cnn.com/2022/05/11/economy/grocery-prices/index.html#:~:text=Food%20prices%20were%209.4%25%20higher,jumped%2010.8%25%20for%20the%20year
https://www.cnbc.com/2022/04/12/how-much-grocery-prices-increased-as-inflation-reaches-41-year-high.html
https://artplusmarketing.com/these-12-coupon-influencers-on-instagram-will-make-you-jealous-of-their-deals-cfea8a606dd3
https://www.voguebusiness.com/companies/influencer-discounting-needs-must