The trend: Paper coupons are making a comeback as brands zig while their competitors zag.

• Direct-to-consumer upstarts like Viv For Your V, Culture Pop, and Blume are experimenting with print coupons to drive awareness and sales, per Modern Retail. The move runs counter to an industry leaning heavily digital, where advertising costs are climbing and consumer attention is fragmented.
• And it’s not just startups. Kroger recently introduced paper versions of its weekly digital deals after hearing from shoppers who struggle with online access, aiming to bridge the so-called “digital divide.”

Zooming out: The shift bucks a broader downward trend.

• Marketers distributed 50 billion coupons last year, down sharply from 330 billion in 2010, per RD data cited by The Wall Street Journal. Redemptions also cratered—from 3.3 billion in 2010 to 750 million in 2024.
• While 87% of coupons distributed are still on paper, nearly two-thirds of those actually redeemed are digital. That imbalance makes paper a potential differentiator for brands eager to stand out.

Good timing: Several factors are making paper coupons newly relevant:

• Consumers feel stressed: Sentiment fell for the first time in four months amid growing inflation worries and weakening personal finances, per the University of Michigan.
• Brand loyalty is waning: About 74% of shoppers switched brands in the past year, per Salesforce.
• Value-seeking is on the rise: 41% of consumers say they’ve searched for sales or coupons to offset tariff-driven price hikes, per Numerator.

Our take: Brands’ use of paper coupons mirrors retailers like Dollar General, Neiman Marcus, and Amazon, which have experimented with print catalogs to grab attention in a digital-first world.

With shoppers increasingly price-sensitive, less brand loyal, and actively seeking deals, a tangible coupon in hand may be just the nudge that turns browsing into buying in today’s cautious consumer climate.