Consultancy major PwC’s 'Voice of the Consumer Survey 2024', which involved 1,000 consumers, found 66% of the consumers are willing to share their data for more personalised experiences. The survey reveals 83% of the respondents prioritise device security, but 74% are comfortable if data is used for beneficial services. While 58% prefer buying through social media platforms, 76% are also concerned about privacy and data sharing on these platforms, it says.
The survey witnessed 46% of consumers viewing climate change as a significant threat and 60% adjusting their behaviours to favour sustainable products, even willing to pay a 13.1% premium for such goods. It further reports that 82% of Indian consumers regard the safeguarding of their personal data as essential for establishing trust.
In-store shopping remains prevalent, with 56% frequently buying from physical stores compared to 47% online, which is higher than the global average of 34%. The survey suggests enhancing physical stores with technologies like augmented reality and mobile payments. The primary purchase channels are in-store, representing 43%, and online marketplaces, comprise 44%.
The integration of AI in businesses should be balanced with human interaction, particularly for complex services. While 57% trust AI for low-risk activities like product recommendations, scepticism exists for high-risk tasks. Despite interest in chatbots, there is a preference for direct interaction with sales representatives. Concerns about cyber risks and job security implications of AI developments are expressed by over 86% of consumers.
Health and wellness are important to consumers, with 69% planning to eat more fruits and vegetables and 75% seeking information on food sustainability. Millennials, in particular, are proactive, with 78% favouring independent sustainability scores on labels, compared to 66% of Gen Z.
Ravi Kapoor, partner and leader of PwC India's Retail and Consumer sector, said, “Indian consumers’ optimistic sentiment shines through the survey with a whooping 75% consumers saying that they will increase spends in the clothing/footwear/grocery and health and beauty categories in the next six months. 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."
"While 77% discover new brands via social media and 81% use it to seek reviews before purchasing, concerns persist; 76% worry about privacy and data sharing, underscoring the need for stringent privacy measures. Influencer endorsements and targeted ads significantly influence purchasing decisions," the survey adds.
