During this festive season, a new trend is emerging among environmentally conscious consumers: buying less, but better. According to research conducted by the payment services and open banking platform, Tink, consumers are choosing to prioritize higher quality goods, even if it means acquiring fewer of them. This trend, called conscious consumption, is characterized by a growing desire to reduce purchases of lower-value items in favor of products that combine durability and aesthetics. Upscale retailers are adapting to this change, seeing customers demand a secure and hassle-free shopping experience while responding to increased ethical and ecological expectations.
Research conducted by Tink reveals that climate-conscious consumers now prioritize higher quality goods, even if this means buying less. 60% of respondents prefer to acquire quality items rather than multiplying their purchases of lower-quality items.
Retailers are witnessing an increase in the purchase of luxury items. In fact, 43% of consumers are purchasing luxury products more frequently compared to the previous year. Optimistic merchants anticipate maintaining or improving their profit margins during the holidays.
There is a clear shift toward conscious consumerism. Tink highlights that 37% of respondents prefer to give fewer gifts, but of better quality this season, and 40% prefer to receive a single quality gift.
Payment Challenges
The fierce competition in the sector, with 81% of merchants emphasizing this pressure, underscores the importance of a secure and seamless payment experience. A poor payment journey can lead 41% of consumers to abandon their purchase.
Priority on the Quality of Purchases During the Holidays According to Tink
Research conducted by the payment services and open banking platform, Tink, reveals a significant trend among environmentally conscious consumers. Indeed, more and more people are choosing to invest in high-quality products rather than multiplying their purchases of lower-value items. This means that priority is now given to sustainability and the long term, rather than quantity. As a result, 60% of consumers prefer to buy fewer items, but of better quality, an encouraging trend for merchants in the sector.
This enthusiasm for luxury items is not limited to their quality. Statistics reveal that 43% of luxury product consumers are now purchasing more frequently compared to the previous year. This dynamic leads retailers to look at this holiday season with optimism. The anticipation around either maintaining or improving profit margins is palpable, with 75% of merchants believing in promising results for the holidays, despite the current economic rigor.
The Implications of Responsible and Sustainable Choices
In this festive context, conscious consumption becomes a priority; 37% of consumers prefer to give fewer gifts, but of better value. This shift in mindset shows a clear advancement towards a more sustainable Christmas, where overconsumption is set aside in favor of more thoughtful purchasing actions. Consumer opinions also reflect their desire to receive quality gifts, with 40% indicating that a single beautiful gift takes precedence over several small presents.
The budget remains a determining factor in this context of rising prices. 70% of consumers acknowledge being very selective in choosing their luxury purchases, highlighting the importance of managing the current cost of living. Furthermore, an awareness of the environmental impact of the holidays leads 36% of respondents to condemn the excess of unnecessary gifts during Christmas.
Challenges and Opportunities in the Payment of Luxury Products
In this competitive atmosphere, the payment process plays a key role. Transaction security is a major concern for 58% of luxury product buyers. On the other hand, 31% of merchants view the cost associated with fraud management as a major obstacle, requiring innovative solutions to overcome this challenge. A smooth payment experience becomes essential.
A worrying observation: up to 18% of consumers feel frustrated by the complexity of the steps required during payment. This sometimes leads to a complete abandonment of transactions, with 41% of consumers willing to give up on the purchase in the face of a poor payment experience.
