82% of consumers believe protecting their personal information is crucial to earning their trust, The Voice of the Consumer Survey 2024 by PwC showed.
According to the report, despite 58% of consumers buying products through social media, it is the least trusted channel, with 76% concerned about the safety of their personal information.
PwC’s survey focused on how Indian consumer sentiment and shopping behaviours depend on brand strategies and marketing spending.
The survey advised businesses to safeguard customer data and use it responsibly to provide personal choices and features. It highlighted that 83% of consumers value knowing their devices keep information private, 74% approve of using their data for beneficial services, and 66% are willing to share data for personalised experiences.
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Another important factor in gaining customers’ trust is creating a product portfolio that prioritises wellness, nutrition, and sustainable sourcing.
The report also revealed that in India, in-store shopping remains popular. 56% of respondents frequently purchase from brick-and-mortar stores compared to 47% who prefer to shop online, which is higher than the global average.
Indian consumers have also reported prioritising climate change and health risks above inflation, with 46% viewing climate change as the greatest threat for the next year. They are also willing to pay a premium of 13.1% for sustainably sourced foods.
The survey also cautioned businesses on maintaining the balance between integrating AI into their workflow and providing clients with human interaction, especially in complex and personal services.
Indian consumers have an optimistic spending outlook. 70% of consumers expect a rise in clothing and footwear spending, followed by grocery spending.
“The main theme of the survey is the need for brands to stay authentic to earn consumer trust and ultimately build loyalty. Our survey reveals three main drivers of building trust: firstly, how well do brands make life easier for their consumers; secondly, how well they connect with their consumers; and finally, how do they ensure inclusiveness with their consumers,” said Ravi Kapoor, Partner and Leader – Retail and Consumer sector, PwC India.
Edited by Jyoti Narayan
