PwC Report uncovers shifts in Consumer behavior in 2024

In a rapidly evolving consumer landscape, PricewaterhouseCoopers (PwC) has released its highly anticipated Voice of Consumer Survey 2024, revealing significant insights into changing consumer attitudes and behaviors. Drawing from extensive research involving over 20,000 interviews across 31 countries, including Spain, the report provides valuable perspectives on emerging trends and concerns shaping the consumer market.

One of the standout findings of the survey is the growing unease surrounding the use of generative Artificial Intelligence (AI) in consumer goods. Despite advancements in technology, 80% of consumers express apprehension about future developments in generative AI, particularly regarding cybersecurity risks, privacy breaches, and the dissemination of misinformation.

However, amidst these concerns, the report also highlights a notable shift towards sustainable consumption practices. Nearly half of the respondents (46%) report an increasing preference for sustainable products as a means of reducing their environmental impact. This trend underscores a broader consumer awareness and commitment to environmental stewardship.

Furthermore, consumer trust emerges as a critical factor for brands seeking to navigate the evolving marketplace. With 83% of respondents emphasizing the importance of data protection and 80% demanding assurances of data privacy, establishing and maintaining consumer trust has become a top priority for businesses.

The influence of social media and digital platforms on consumer behavior continues to grow exponentially. A significant portion of respondents (46%) now report making direct purchases through social media channels, highlighting the platform’s increasing role in shaping purchasing decisions. Additionally, the impact of influencers and celebrities on consumer choices remains significant, with 41% of respondents admitting to being influenced by social media personalities.

Roberto Fernández Humada, Partner responsible for Retail and Consumer at PwC, emphasizes the need for brands to prioritize consumer trust in an era defined by technological disruption and sustainability concerns. As consumer expectations evolve, businesses must adapt their strategies to build and maintain trust across all facets of consumer interaction.

The release of the Voice of Consumer Survey 2024 marks a significant milestone in understanding the shifting dynamics of the consumer market. With insights gleaned from extensive global research, PwC continues to provide invaluable perspectives for businesses navigating the complexities of the modern consumer landscape.