Tink: conscious consumerism on the rise as budget and sustainability drive peak season shopping behaviours

This festive season, many cost and climate conscious consumers are choosing to invest in higher quality goods, even if that means purchasing fewer items overall. That’s according to research of more than 2,000 UK consumers and over 500 UK high end merchants conducted by Tink, a payment services and Open Banking platform. 

60% of consumers would rather opt for higher quality but fewer items, rather than many lower quality items. Additionally, 43% of those surveyed who shop for high ticket and luxury goods say they are doing so more frequently now compared to this time last year. 

This trend is giving high end merchants cause for cautious optimism, with 75% of people expecting to maintain or improve profit margins over the festive period compared to last year.

Shoppers’ focus on quality is reflected in their festive spending, as 37% say they would rather give fewer but nicer gifts to family and friends this festive season, and 40% would rather receive one nice, quality gift than several cheaper items. 

However, high end merchants cannot afford to rest on their laurels this festive season, as Tink’s research also suggests a shift to ‘conscious consumerism’ is leading shoppers to be more cautious and considered when buying higher end items. 

Budget remains a key consideration when shopping for higher ticket items - with 70% of consumers surveyed saying cost-of -iving concerns mean they are very selective when buying high ticket and luxury goods. 

Similarly, many consumers are conscious of the environmental impact of the festive season - with 36% of respondents stating that Christmas brings an excess of low-quality, unnecessary gifts that often go to waste.

This comes as one in four consumers want to be more sustainable this Christmas by buying better quality, but overall fewer, items. Merchants themselves recognise this trend - 71% of those surveyed believe that consumers are more conscious about sustainability when they’re buying during peak season.

Yet despite signs of growing demand for higher ticket and luxury goods, competition for share of wallet remains fierce - with 81% of merchants surveyed saying competition in their sector is higher than ever. 

Customer expectations are also at an all time high, and payments remain a sticking point. Among consumers who purchase high ticket or luxury goods, an estimated 58% worry about payment security, while 31% of high end merchants believe the high cost of managing fraud is a key challenge.

A poor payment experience can also impact conversion rates. Among consumers surveyed who purchase high end and luxury goods, 18% said they get frustrated and concerned when having to enter lots of payment details manually at checkout. These concerns would lead 41% to abandon the transaction altogether. 

Lucy Grant, Commercial Strategy Director at Tink, says: "It's clear that high ticket and luxury shopping isn’t just for Christmas - sustainability and quality are now front of mind for shoppers. But with this trend comes a heightened expectation for a top-tier customer experience, as consumers expect smooth, secure, and flexible payment options as part of the buying journey."

“Merchants investing in solutions like Pay by Bank - often with payment service providers such as Adyen - can help turn these expectations into a strategic advantage, transforming common pain points into loyalty-building moments that set them apart from fierce competition. Seamless authentication without the need for manual entry, as well as fast refunds, are just two of the benefits of adding Pay by Bank to your checkout."

2024 RTIH INNOVATION AWARDS

Payments was a key focus area at the sixth edition of the RTIH Innovation Awards.

The awards, sponsored by Vista Technology Support, Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended last month’s gathering.