Mar 10, 2014
AUSTIN, Texas, March 10, 2014 /PRNewswire/ -- Will you be tuning in for March Madness games this year? Will you be buying your favorite team's apparel? You are not alone! RetailMeNot (www.retailmenot.com), the largest digital coupon destination in the United States, conducted a survey with The Omnibus Company (www.omnibus.com) that found new survey data reporting the latest findings on how, where and who will be watching, and how much people are willing to spend for the highly anticipated basketball tournament.
"March Madness is like Christmas for sports fans. We can watch our favorite teams in 67 games in 21 days, as they compete for the championship," says Clendon Ross, RetailMeNot, Inc. community manager and sports fan. "Other than the large number of people expected to watch the games at work this year, what's fascinating is the amount of money people are willing to spend when their favorite teams make it to the NCAA Sweet 16."
Show me the money!
The NCAA Sweet 16 just got a lot sweeter for retailers. According to the survey, fans' willingness to spend doubles on average when their favorite teams make it to the NCAA Sweet 16 ($40 vs. $85). In fact, over one quarter (28%) of those who pick a favorite team are willing to spend more than $100 just because their team has made it to the NCAA Sweet 16.
Where is the money being spent? According to the survey:
Additionally, 14% of fans surveyed whose favorite team makes it to the NCAA Sweet Sixteen would likely purchase tickets, 12% upgrade to HDTV, 11% subscribe to an online streaming service and 11% even purchase a new TV.
Who's spending? Parents are more willing to shell out extra cash if their favorite team makes it to the NCAA Sweet 16. The survey found that 42% of parents surveyed are willing to spend over $100 versus only 19% of non-parents.
Working or watching?
Almost 3 in 10 (27%) respondents watch March Madness games at work. Of those brave souls, nearly 4 in 10 (39%) will be streaming online right from their computers! Is it possible that phone carriers might see an uptick in data usage in March? Possibly, since 41% of respondents said they'd like to stream from their smartphone at work, and 38% said they'd use their tablet.
Among those who choose a favorite team during March Madness, more than 4 in 10 (41%) would watch every game their favorite team plays if they were to make it to the NCAA Sweet 16.
Who will be hosting and attending a "big dance" party? Among those who pick a favorite team during March Madness, 24% would be more likely to attend a party and 18% to host a party if their favorite team were to make it to the NCAA Sweet 16.
Is there a science to choosing favorite teams? The jury's still out on that one. Five percent of men and 4% of women choose their favorite teams based on the team uniform colors. And 12% of men admit to picking their favorite teams based on teams' past win histories.
Let the madness continue at home
Is cable TV becoming passé? Among those respondents who watch March Madness games at home, 60% are streaming online on a computer, tablet or smartphone. Digital devices seem to reign supreme in most homes!
Who will be streaming the basketball games online? According to the survey:
Click to see more about watching March Madness at work.
The RetailMeNot February Survey was conducted between February 14 and 21, 2014, among 1,023 U.S. residents ages 18 and over, using an email invitation and an online survey. Quotas are set to ensure reliable and accurate representation of the entire U.S. population ages 18 and over. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. In this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample. The margin of error for any subgroups will be slightly higher.
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About RetailMeNot, Inc.
RetailMeNot, Inc. (www.retailmenot.com/corp/) operates the world's largest digital coupon marketplace. The company enables deal-seeking consumers across the globe to find hundreds of thousands of digital coupons from retailers and brands. RetailMeNot, Inc. experienced more than 500 million visits to its websites in the last 12 months. The RetailMeNot, Inc. portfolio includes www.RetailMeNot.com, the largest digital coupon marketplace in the United States; www.RetailMeNot.ca in Canada; www.VoucherCodes.co.uk, the largest digital coupon marketplace in the United Kingdom; www.Deals.com in Germany; www.Actiepagina.nl, a leading digital coupon site in the Netherlands; Bons-de-Reduction.com and www.Ma-Reduc.com, leading digital coupon sites in France; www.Poulpeo.com, a leading digital coupon site with cash back in France; and www.Deals2Buy.com, a leading discount offer site in North America. RetailMeNot, Inc. went public in July 2013 and is listed on the NASDAQ stock exchange under the ticker symbol "SALE." Investors interested in learning more about the company can visit: http://investor.retailmenot.com/.
*March Madness and NCAA Final Four are trademarks of the National Collegiate Athletic Association.
Allison+Partners Public Relations