Thales Consumer Study 2023: Embracing wood cards

Thales conducted a consumer survey to assess the value of Thales Gemalto’s wood cards, using a customer-centric approach. This comprehensive study was carried out across a range of countries, including France, UK, Singapore, US, Brazil and Sweden, ensuring a diverse and representative sample.

Furthermore, consumers say they are prepared to invest in this environmentally friendly alternative and willing to pay 1.5 times their current fee for the premium wood card experience. 

The fact that consumers are prepared to invest in a wood card confirms its perceived value and appeal. It also highlights their willingness to prioritise sustainability and premium quality when making purchasing decisions.

Affluent consumers are overwhelmingly positive about the exceptional quality of the wood card, reflecting their strong preference for eco-friendly options.
 

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There are various reasons for this enthusiasm:

• The high-quality wood card’s attractiveness resonated with affluent consumers, creating in them a strong affinity because of their appreciation for its tactile and visual qualities, unique aesthetic, minimalist design, and intricate engraving. 
   
• Authenticity and eco-friendliness emerge as significant driving forces, fuelled by an increasing consumer demand for genuine environmentally sustainable products. This trend reflects a broader societal shift towards ethical consumption and responsible stewardship of natural resources. 
    
  Consumers are increasingly seeking products that align with their values and beliefs, placing a premium on authenticity and eco-friendliness. As awareness of environmental issues grows, so does the desire for products that offer genuine sustainability and transparency in their production processes. Authenticity and eco-friendliness are powerful motivators for consumers, driving them to seek out products that not only meet their needs but also align with their ethical and environmental principles.

This demographic, known for its discerning tastes and luxury preferences, is particularly drawn to the craftsmanship and attention to detail inherent in wood cards. The feel of the wood, and the visually aesthetics and minimalist design, creates an aura of exclusivity and sophistication that appeals to affluent consumers seeking a premium payment solution. 

Additionally, the intricate engraving adds elegant personalised touches, further enhancing the appeal of the wood card among this demographic.

There’s more.

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Sustainability emerged as a leading consideration for participants, reflecting a growing awareness of and concern for environmental issues. Many expressed a strong willingness to invest in sustainable credit cards that align with their environmental values and principles, recognising the importance of making eco-conscious choices in their purchasing decisions. 

This shift towards sustainability signifies a broader societal trend towards responsible consumption and environmental stewardship, with consumers increasingly seeking out products that minimise their environmental impact. 

By prioritising sustainability in their card choice, participants are demonstrating a commitment to supporting brands and products that prioritise ethical and environmentally friendly practices. Driving positive change that supports a more sustainable future emerges as a paramount consideration for participants, with many expressing a willingness to invest in cards that align with their environmental values and principles. 

As well as considering the environmental impact, consumers also anticipated that banks will provide supplementary services to enhance the overall value proposition of wood cards. This reflects a desire for holistic solutions that go beyond simple sustainability. Consumers are looking for added benefits and features that enhance their overall experience of wood cards. Indeed they expect more from banks in terms of sustainability, such as global or local sustainable initiatives for social or environmental causes, financial contribution for compensation or green services in the form of investment, loans or savings.

By offering these supplementary services, banks can further differentiate their wood card offerings and give consumers a more compelling reason for choosing eco-friendly payment solutions.

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• Some consumers are concerned about the sustainability of raw material sourcing, so it's vital to reassure them that the wood used in Thales Wood Cards originates from FSC-certified, sustainably managed forests. This ensures that the production process meets rigorous environmental standards, mitigating concerns about deforestation and ecosystem disruption.
   
• Furthermore, to address concerns about the performance and durability of wood cards, technical evidence proves that Thales Wood Cards are as resilient as standard plastic cards. With more than of two years of end-user experience, testing and analysis confirm that wood cards offer durability and reliability that’s comparable to traditional plastic alternatives.

In summary, the Thales Consumer Study 2023 reveals a great consumer acceptance of – and desire to use – wood cards. 

With a notable segment of the market showing an eagerness to adopt this eco-friendly option, there is a distinct opportunity for Thales to seize on this trend and maintain its position as a pioneer in sustainable payment solutions.