Many Brits concerned about funding festive shopping period
73% of Brits are concerned about having enough funds to manage the festive shopping period, according to research from FinTech firm Trust Payments.
The company surveyed 2,000 residents in the UK and found that not only is the festive season a concern but over a quarter claim to be unsure of their current debt, while the same number claim that they have no idea how much they have accrued previously.
The research also found significant changes in buyer behaviour across the UK ahead of the busiest quarter for merchants and shows how businesses must realign their payment processes to how consumers want to spend during the cost of living crisis and the upcoming festive season.
As the world recovers from the Covid-19 pandemic lockdowns and cash makes a comeback, seven in ten Brits over 60 and 69% of 18-29-year-olds use notes and coins during a typical month of spending.
However, contactless payments continues to be more dominant. Debit/credit cards are used by the majority (91%) and in fact, 38% of respondents use their debit card more when they’ve just been paid compared to the end of the month
While cross-border payments can be complex, there is an appetite for this in the UK, with six in ten Brits willing to pay using different currencies to access retailers outside the country.
Not only are inter-currency payments attractive, but variety too, with one in two Brits saying that the way they pay for things depends on what they are buying, making it challenging for businesses to track purchase habits.
Almost a quarter of Brits would be willing to share more personal data with businesses if it offered them an enhanced customer experience. As the cost of living puts pressure on purses, almost a quarter of individuals find managing their spending stressful.
Laurence Booth, Chief Data Officer at Trust Payments, comments: “There is currently a disconnect between Brits and businesses. Merchants are missing the opportunity to utilise the consensual customer data available to provide the products and services consumers want and need.”
“The challenge businesses are facing is that they do not truly understand consumer spending habits and concerns. As the cost of living crisis reduces spending for people and tightens business margins, merchants can’t afford to avoid using this intelligence to their benefit.”
“Technology presents an opportunity for businesses struggling to build a close and long lasting relationship with their customers with the products they want and need. If merchants want to stand out from a saturated market, they must transform how they engage, interact and act with their customers.”
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