Peak season insightsPay by Bank
The peak holiday season is here, and consumer priorities are shifting. With a growing preference for quality over quantity and heightened awareness of sustainability, merchants face both challenges and opportunities. At the same time, security concerns and checkout frustrations remain barriers to seamless transactions. Tink’s Pay by Bank solution can help merchants meet these evolving needs and drive success during the most competitive time of the year.
Consumer behaviour is evolving – here’s what we know.
of consumers would rather purchase higher-quality but fewer items, reflecting a shift toward thoughtful gifting.
The majority of high-end merchants expect to maintain or improve profit margins on last year’s peak season, showing resilience despite market challenges.
of consumers are very selective when purchasing high-ticket and luxury goods due to cost-of-living concerns.
Almost half of shoppers looking for high-ticket and luxury items are doing so more frequently compared to this time last year.
The rise of conscious consumerism
Cost-conscious and sustainability-minded consumers are reshaping peak season shopping. 37% of UK consumers feel that Christmas often results in unnecessary, low-quality gifts.
Over a third (36%) of shoppers say they would prefer fewer but nicer gifts this year, and 25% want to make more sustainable choices. Merchants are noticing these shifts, with 71% reporting that sustainability is a priority for customers during the festive season.
of merchants also report that competition is at an all-time high, meaning that catering to these new consumer priorities is more critical than ever.
What should merchants focus on?Here’s the answer...
Peak season insights 24/25 Pay by Bank
What would help merchants?
How can Pay by Bank help?
Pay by Bank powers secure, seamless, and instant payments directly from a user's bank account. With no need for manual typing, conversion rates remain high. Best of all, it's available to every shopper with a bank account.
With Pay by Bank you can:
Checkout seamlessly:
No need for customers to enter lengthy card details, reducing cart abandonment.
Enhance security:
Direct, bank-authorised payments lower fraud risk for consumers and merchants.
Lower transaction fees:
Pay by Bank, which charges a flat transaction, fee can be a more cost-effective solution.
Tink's 2024 peak season survey
Merchant research was conducted by Censuswide on behalf of Tink between 25/10/2024 and 01/11/2024 amongst 501 higher end merchants. Consumer research was conducted by Censuswide on behalf of Tink between 25/10/2024 and 28/10/2024 amongst a nationally representative sample of 2,010 consumers aged 16+ in the UK. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.