Older consumers are the most price conscious generation, new research from Prezzee finds

UK consumers' main driver when making a purchase is price, with older consumers the thriftiest. 64% of shoppers buy the cheapest product when deciding what brand to buy, with 70% of over 55s most influenced by price. 

The quality of the item is the second most influential factor, followed by earning points and cashback when choosing which store to buy from. These findings come from new research from digital gifting platform, Prezzee, which surveyed 5,000 Brits.

It asked consumers what would increase their loyalty and the categories where customers were most influenced by cheaper standard pricing were food, technology and fashion. Increasing prices was a strong factor in reducing loyalty to a product, with 38% considering other brands when prices increase.  

Subscriptions are also heavily influenced by price, as cost was the main factor with 44% of respondents choosing the cheapest contract possible when renewing a service, more important than receiving a £100 voucher (31%).  

James Malia, European President and Head of Growth at Prezzee, comments: “In our current economic climate, price remains the top consideration for consumers, very closely followed by the quality of a product or service. Many will see these as opposing forces, as consumers expect higher quality to come with a higher price point. The cost of living crisis has clearly altered these expectations as consumers are looking for both.”

“This offers a significant opportunity for brands that offer strategic, rewards-based loyalty programmes which can be seen to offset some of the cost consumers are allocating to their purchases. Offering a genuine ‘thank you’ in the form of money in their hand, including digital gift cards like Prezzee, resonates more deeply than a discount. If price and quality are similar, an engaging loyalty solution can set your brand above the competition.”

2025 RTIH INNOVATION AWARDS

Customer loyalty will be a key focus area at the 2025 RTIH Innovation Awards.

The awards, which are now open for entries, 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 November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.