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Home»Finance News»The must-have gift of the season may be a ‘dupe’
Finance News

The must-have gift of the season may be a ‘dupe’

November 23, 2024No Comments4 Mins Read
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The must-have gift of the season may be a ‘dupe’
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Caiaimage/Paul Bradbury | Caiaimage | Getty Images

‘Tis the season for giving … dupes?

Buying a dupe — short for duplicates — rose to the top of this year’s holiday wish lists. A dupe gift is a gift that is a cheaper alternative to a more expensive, branded item. They were largely kept under the radar until recently because a “fake” was dubbed inferior to the real thing, but a lot has changed.

In some cases these brand imitators are now even preferred to their pricier counterparts.

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This year, 79% of consumers said they would buy a dupe as a gift for their loved ones for the holidays, according to a survey of more than 1,000 shoppers by CouponCabin.

More than half — 51% — of those who the coupon site polled said dupes are better than the original.

Even when consumers can get the real thing, nearly 33% of adults intentionally purchased a dupe of a premium product at some point, a separate report by Morning Consult also found. The business intelligence company polled more than 2,000 adults in early October.

When is a dupe an appropriate gift? 

Before you buy a dupe, think about who you’re shopping for, experts say. 

For instance, some family members or friends might especially appreciate a dupe for what it is, said Ellyn Briggs, a brands analyst at Morning Consult. 

“It’s kind of a badge of honor for young people to get a dupe,” she said.

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On the other hand, you risk disappointing someone if they have been asking for a specific product for a while, said Melanie Lowe, CouponCabin’s savings expert. 

If that is the case, consider the cost of the name-brand item and assess if it is within budget. The key is to know when to splurge or save, Lowe said.

“If you’re talking about a product that you’ll use daily … invest in the original,” Lowe said. “That purchase is usually worth it.”

Alternatively, “if it seems appropriate in the situation — if it is a more light-hearted gift — you can definitely go the dupe route,” she said. 

‘It’s a dupe for a reason’

While some shoppers take pride in buying dupes, roughly 86% of shoppers have been disappointed by their purchase of a dupe, CouponCabin found. 

“It’s a dupe for a reason,” said Lauren Beitelspacher, professor of marketing at Babson College. “We don’t know where it’s made, who is making it or the quality.”

“It’s not that all dupes are bad. But sometimes we are paying a premium because there is a quality difference — and we, as consumers, have to be more conscious of that,” Beitelspacher said.

If you want to shop for dupes, read and watch product reviews online to help determine the dupe’s quality — this is where social media can come in handy.

A majority, or 62%, of U.S. adults who use TikTok say they use the app for reviews or recommendations, according to a new study by the Pew Research Center. Others tap Instagram and Facebook for product research. 

See also  How IRS layoffs could impact tax filings and refunds this season

Shopping secondhand this season

Consumers should make the same value considerations when buying secondhand, which has also become more popular, even for gifting.

Three in 4 shoppers said that giving secondhand gifts has become more accepted over the past year — notching a 7% increase from the year before, according to the 2024 OfferUp recommerce report. OfferUp, an online marketplace for buying and selling new and used items, polled 1,500 adults in July.

The majority, or 83%, of shoppers are also open to receiving secondhand gifts this holiday season, the report found.

Shoppers have increasingly turned to resale for a number of reasons, including value, sustainability and as a means to secure hard-to-find luxury items. Because secondhand shopping is considered eco-friendly, it’s also become more socially acceptable. OfferUp’s report credited Generation Z for driving a shift in mindset.

“The stigma around secondhand gifting is rapidly diminishing,” said Todd Dunlap, OfferUp’s CEO. 

However, the same buyer-beware mentality applies, cautioned Babson’s Beitelspacher, especially if you are ordering secondhand goods online. “You might not get what you want,” she said.

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