A new report claims that shoppers redeemed 688m coupons in 2014, up from 604m in 2013.

The coupons, which totalled £1.7bn in savings, were mainly issued by retailers. Their 564m coupons, an increase from 466m produced in 2013, accounted for the majority of the coupon market.

“We believe this is due to price match initiatives now employed by many grocery retailers,” said Charles D’Oyly, managing director of coupon gurus Valassis. ”Since these were introduced four years ago, retailer issued coupon redemptions have more than doubled, up 146% from 229million in 2011.”