Wednesday 30 / October / 2024
New Delhi: According to PwC India's latest Voice of the Consumer Survey 2024, 82 per cent of Indian consumers believe that protecting their personal data is the most crucial factor in earning their trust.
The survey, which polled 1,000 Indian consumers, provides deep insights into consumer sentiment and shopping behaviours, emphasising the critical role of data security, sustainable practices, and authentic brand engagement.
Despite 58 per cent of consumers purchasing products through social media, it remains the least trusted channel. A significant 76 per cent of respondents expressed concerns about privacy and data sharing on these platforms, the survey said.
A notable 56 per cent of Indian consumers frequently purchase non-grocery items from physical stores on a weekly or daily basis, a figure significantly higher than the global average of 34 per cent, it said.
According to the survey, 46 per cent of Indian consumers view climate change as a significant threat, prompting 60 per cent to shift toward sustainable products. These consumers are even willing to pay a premium of 13.1 per cent for sustainably sourced goods.
Ravi Kapoor, Partner and Leader - Retail and Consumer sector at PwC India, commented, " Indian consumers' optimistic sentiment shines through the survey with a whooping 75 per cent consumers saying that they will increase spends in the clothing/footwear/grocery and health and beauty categories in the next six months."
The survey underscores the critical importance of data security, with 83 per cent of consumers valuing the security of their devices and 74 per cent approving of data use for beneficial services. Additionally, over 66 per cent are willing to share data for more personalized experiences.
There is a clear consumer preference for wellness-focused and sustainable products. Notably, 69 per cent of consumers plan to eat more fruits and vegetables soon, and 75 per cent actively seek information on food sustainability, the survey said.
Millennials, in particular, favour independent sustainability scores on labels (78 per cent) compared to Gen Z (66 per cent).
While 77 per cent of consumers discover new brands through social media and 81 per cent use it to seek reviews before purchasing, concerns about privacy and data sharing persist.
Influencer endorsements and targeted ads play a significant role in purchasing decisions.
In-store shopping remains popular, with 56 per cent frequently purchasing from physical stores, compared to 47 per cent shopping online, it said.
About 62 per cent prefer visiting stores to discover products, while 53 per cent browse online. The primary channels for purchases are in-store (43 per cent) and online marketplaces (44 per cent).
The survey suggests enhancing the physical store experience with technologies like augmented reality and mobile payments.
Climate change is a top concern, with 93 per cent of consumers experiencing climate-related disruptions.
This awareness is driving 60 per cent to shift towards sustainable products. Consumers prioritise water conservation (43 per cent), eco-friendly packaging (41 per cent), and waste reduction and recycling (36 per cent).
The survey highlights the need for businesses to balance AI with human interaction. While 57 per cent of consumers trust AI for low-risk activities like obtaining product information, there is skepticism about AI's role in high-risk tasks. Despite interest in chatbots, consumers prefer direct interaction with sales representatives, with 86 per cent expressing concerns about potential cyber risks and job security implications of AI.
