Why shoppers are pinching more pennies

Retailers that fail to use promotions or discounts to lure shoppers may be missing out on a big chance to increase sales.

A new study of 2,000 people found that an incredible 92 percent of Americans consider frugality to be an attractive quality in a person.

According to the new survey from coupon platform Slickdeals, frugality encompasses several factors such as money, convenience and time, coupled with overall value, being of importance. In the survey, 72 percent of respondents believe that seeking out deals or coupons for all purchases is frugal, whereas 44 percent think it is cheap to re-gift items. Additionally, not leaving a tip at all (regardless of service) and always tipping 15 percent (even if service is outstanding) is perceived as cheap.

"The increased propensity toward frugality brings to light the importance of value for today's shoppers," Slickdeals CEO Josh Meyers said. "Making smart purchase decisions and looking for deals or coupons is becoming mainstream – it's what savvy consumers do because they are financially wise."

As people mature and age, they become more frugal. The survey shows that 27 is the age people felt the most financially reckless, 30 is when people start taking their finances seriously, and 38 is when people become the most frugal.

Additional survey data showed:

IS IT CHEAP OR FRUGAL? HOW THE RESPONDENTS VOTED:

Not leaving a tip at all (regardless of service)          

CHEAP (75%)

Reusing tea bags or coffee filters                              

CHEAP (60%)

Calculating your part of a group bill to the cent          

CHEAP (52%)

Lengthening longevity of soap by diluting soap bottles with water  

CHEAP (49%)

Re-gifting 

CHEAP (44%)

Always tipping 15%, even if the service is outstanding                     

CHEAP (41%)

Eating food a few days past its expiry date                             

CHEAP (35%)

Declining to be a part of rounds at the bar                                

CHEAP (35%)

Keeping outdated or worn out electronics that barely work        

FRUGAL (39%)

Buying no-name electronics                                                         

FRUGAL (51%)

Only having alcohol at home                                                         

FRUGAL (51%)

Watching movies at home instead of in the theatre                        

FRUGAL (61%)

Regularly tracking the home thermostat                                           

FRUGAL (62%)

Shopping at second-hand clothing stores                              

FRUGAL (63%)

Buying off-brand food products                                               

FRUGAL (65%)

Buy clothes at department stores like Kmart, Walmart etc       

FRUGAL (67%)

Regularly tracking electricity use                                                

FRUGAL (70%)

Seeking out deals or coupons for all purchases                          

FRUGAL (72%)