Sales of saving stamps soar at The Co-operative Food
Sales of saving stamps at The Co-operative Food have soared by a third, following the launch of the retailer’s pioneering new saving stamps trust fund, as hard-pressed customers take a savvy approach to saving for Christmas 2013.
In the first four weeks following the launch of The Co-operative’s industry-leading saving stamps trust fund, the number of saving stamps sold increased by 33%, compared to the number of sales in February 2012.
The increased popularity of saving stamps suggests people are taking a savvier approach to saving, attempting to ease the financial strains of the festive period by putting a little away each week to spread the cost of Christmas.
Saving for Christmas is a big priority for people, with research from The Co-operative* revealing that 44% actively save and budget for more expensive months such as December. Worryingly though, a quarter of people still said it would take them until March to pay off their debts from last Christmas, when the average person overspent by £348.53.
The Co-operative is the only retailer to provide customers with extra security for their Christmas savings through its new saving stamps trust fund. Customers’ money is transferred into a trust account (managed by an independent trustee), which provides extra protection for their funds.
Working closely with representatives of the Farepak Victims Committee, the retailer’s new trust was set up in response to the collapse of the Farepak Christmas Club in 2006, when nearly 120,000 people, many from low-income households, lost on average £400 each.
Customers can buy £1 stamps throughout the year at any of The Co-operative Food’s 2,800 stores across the UK. Anyone redeeming a full saving stamps book (with £48 worth of stamps) in store in December will receive an extra £2 bonus, just in time for the big Christmas shop.
Martyn Wates, Deputy Chief Executive, The Co-operative Group, said: “Our new saving stamps trust fund is proving extremely attractive to our food customers, who appreciate the new layer of protection the scheme gives - something no other retailer provides. To see sales of our saving stamps increase so significantly so early in the year is testimony to the fact our customers know we are a retailer they can trust.”
For more information about The Co-operative Food’s saving stamp scheme please visit http://www.co-operativefood.co.uk/savingstamps