PwC’s Voice of the Consumer Survey 2024

Overview

We’re pleased to present the South African findings of our Global Voice of the Consumer 2024, tailored to the unique domestic consumer market to help retailers traverse this challenging landscape. 

Companies can strengthen the confidence consumers have in them by executing on six key imperatives

Trust is crucial for consumers and for the companies that sell products and services to them: as shoppers confront a set of overlapping and often mutually reinforcing disruptions—financial, ecological and technological—they are prioritising reassurance and reliability from the brands they engage with.

That’s a signal finding of our inaugural Voice of the Consumer Survey, which builds on insights amassed over 15 years of consumer research by collecting the perspectives of more than 20,000 consumers across 31 countries and territories on a wide range of issues, including caring for the environment, attending to their health, being open about data, finding value for money and embracing AI. 

The good news for leaders of consumer-facing businesses: global consumer markets are set to continue expanding. The global consumer class, comprised of those spending US$12 or more per day, reached 4 billion last year, and is projected to reach 5 billion people by 2031. The bad news: there’s a widening gap between the trust that executives think consumers place in their companies and the trust that consumers actually have in them. In order to maintain and grow market share, companies must figure out how to build trust in several dimensions.

1. Navigate conflicting priorities in an economy with rising prices, meeting customers’ expectations of value while managing price increases effectively.
   
2. Strike a balance with social media use, recognising its significance as a platform for sales and engagement, while being mindful of consumer concerns about its credibility.
3. Forge bonds with eco-conscious consumers by connecting their intentions to positive environmental impacts.
4. Incorporate and experiment with AI tools in business operations while maintaining a human element, especially in more complex and personal services.
5. Safeguard personal data, while continuing to use it to offer personalised services and elevated customer experiences.
6. Create and promote a product portfolio that reflects consumers’ desires for wellness, nutrition and more sustainable food production.

As global consumer markets continue to expand, companies must move beyond their own perceptions of customer trust and learn what their clients actually think. Senior executives recognise this, and though challenges exist, there are also significant opportunities for those companies that prioritise trust-building efforts rooted in brand building, responsible practices and solid performance. 

The Voice of the Consumer survey the need of retailers to remain competitive and respond to the rapidly evolving needs and preferences of consumers, with the following key interventions that can encourage successes in the medium term:

Explore the report for a deeper understanding of the current consumer expectations and the strategies leaders can adopt for future success.