Trust issues persist in the Indian retail industry despite increased consumer spending
PwC’s inaugural ‘Voice of the Consumer Survey 2024’ draws on over 15 years of consumer research, capturing insights from over 20,000 consumers across 31 countries, including 1,000 consumers in India.
The survey reveals that 75 per cent of Indian consumers anticipate increased spending on clothing and footwear, closely followed by groceries at 74 per cent. Additionally, 56 per cent of Indian consumers frequently purchase products through physical stores.
Despite this spending trend, the retail and consumer goods industry ranks low in trustworthiness among Indian consumers. The survey indicates that 82 per cent of Indian consumers view the protection of personal data as crucial for earning their trust, followed by the provision of high-quality products and services at 80 per cent and transparent communication at 77 per cent.
PwC’s findings also highlight the significant role of social media in the consumer purchase journey across all demographics. 58 per cent of consumers have purchased products directly through social media and 77 per cent discover new brands via social media. However, despite its influence, social media is ranked as the least trusted industry, with consumers questioning its safety and reliability.
