Expert insights on how to improve consumer trust [The PwC Report]

How do consumers feel about trust in the brands they engage with? 

To find out, PwC conducted its Voice of the Consumer Survey 2024 and collected insights from 20,662 consumers across 31 countries and territories, including Brazil, Canada, China, Germany, Poland, Thailand, United Arab Emirates, and Vietnam. 

Respondents, all over 18 years old, shared their thoughts on consumer trends ranging from shopping behaviors to the influence of social media and emerging technology. 

The results are eye-opening: consumers are looking for more from brands, especially in areas like data privacy, eco-consciousness, and the use of AI. 

Explore the factors and build consumer trust in a rapidly changing market with us!

Forge greater bonds with eco-conscious consumers

The desire for environmentally friendly products is growing fast, but there’s still a gap between consumers’ eco-intentions and their actual purchasing behavior. That’s your opportunity to step in and close this gap by building stronger connections with eco-conscious customers. 

How? Think beyond just slapping a “sustainable” label on your products – be specific about how your products are environmentally friendly. For example:

• Show consumers the steps you’ve taken – like using biodegradable packaging or sourcing materials from sustainable farms. 
• Show your audience exactly how your products reduce carbon footprints, conserve water, or protect forests. This turns your messaging into more than just a green-washed claim.

Consumers are willing to pay more for sustainable products – around 9.7% above the average price, according to PwC’s survey. But it’s not just about raising prices. These buyers are looking for tangible actions from businesses. They want eco-friendly packaging, waste reduction, and real impact on conservation efforts. 

Source: PwC’s Voice of the Consumer Survey 2024

We know sustainability can come with higher costs. But consumers will embrace sustainable products more readily when they don’t feel financially squeezed. Offering eco-friendly choices that don’t break the bank can be a game-changer. BioTechUSA, for instance, experimented with alternative packaging. Experimenting is a good way to find the right solution for your consumers and meet their expectations while not exhausting their budget.

Create a product portfolio that reflects wellness, nutrition, and sustainable food production

Consumers are increasingly mindful of their health and well-being, and they expect their food choices to reflect that. The report highlights that 52% of consumers intend to increase their intake of fresh fruits and vegetables, while 22% are looking to reduce red meat consumption. Despite these health-driven intentions, only 19% actively consider the environmental implications of their food choices. 

Food producers can take advantage of this opportunity and address both wellness and sustainability in their product lines.

Source: PwC’s Voice of the Consumer Survey 2024

The challenge for businesses is not just offering healthier options but ensuring that these products align with growing consumer awareness of sustainability. The surge in demand for plant-based diets reflects the shifting consumer mindset, but companies need to tap into these trends more effectively by making environmental benefits clearer.

Moreover, consumers cannot adopt healthier and more sustainable diets alone; producers and retailers must also contribute. With the number of people expected to grow from 8.1 billion today to 9.7 billion by 2050, feeding more mouths and reducing food production’s ecological footprint will become increasingly urgent. 

So, what could you do?

Expand your product portfolio to include healthier, more sustainable options. Highlight the nutritional benefits alongside the environmental impact. 

Also, clear labeling, such as sustainability scores, should be provided to guide consumer choices. Six out of ten consumers in the survey indicated that an independent sustainability score on food products would positively influence their purchasing decisions. Use this to your advantage.

Strike a balance between engagement with social media and caution over its credibility concerns

Social media is now a critical platform for consumers to discover new products and services. Nearly 46% of consumers have made direct purchases via social media, a significant increase from 21% in 2019. 

It’s also a major source for consumer reviews and recommendations, with 67% using it to discover new brands and 70% seeking reviews before making a purchase. However, despite this high engagement, social media remains one of the least trusted industries due to issues around data privacy and the perceived quality of goods and services being advertised.

Source: PwC’s Voice of the Consumer Survey 2024

Companies face the tricky task of leveraging the reach of social media while also addressing growing concerns about privacy and authenticity. They need a balance. Otherwise, they will lead to distrust, which will have a long-term impact on sales and brand loyalty.

To maintain trust, you can, for example:

• Be transparent and authentic in your social media strategy. Consumers are highly influenced by personalized ads and user-generated content, so ensure your messaging feels genuine. 
• Consider addressing privacy concerns directly in your posts and campaigns. Let your audience know how you’re safeguarding their data. 
• Encourage consumer reviews and interactions but avoid over-reliance on influencers that may not align with your brand values. Quality and trust are more important than sheer reach.

Safeguard personal data while using it to elevate customer experiences

83% of consumers say that safeguarding their personal data is critical to maintaining their trust in a brand. This is not surprising, as more people are becoming aware of how their data is used online. 

Source: PwC’s Voice of the Consumer Survey 2024

Customers now demand the assurance that their data is secure and not misused, but they still expect personalized service. And the rise of first-party data usage for personalization has introduced a new level of customer expectation. 

Coca-Cola’s Artz said that nearly every decision the company makes is informed by first-person data for personalization and advanced insights. 

The report finds that although 50% of consumers are happy for their data to be used for personalized experiences, only around half feel confident about how their data is stored and shared. The delicate balance here lies in using data to provide valuable experiences while protecting customer information. Mishandling personal data, even unintentionally, can result in a rapid loss of consumer trust and, more critically, legal consequences.

The tip for you is always to be clear and upfront about your data usage policies. 

Use data responsibly to offer personalized recommendations, promotions, or services, but make sure you explain how this data benefits the customer. Always offer opt-out options and verify if consumers have control over their information. Additionally, frequent updates on data protection practices can help reinforce trust and transparency.

Meet customers’ expectations of value while managing price increases effectively

Price sensitivity is at an all-time high, with inflation being the top concern for 64% of consumers. It’s more than 20 percentage points ahead of other major threats, such as slow economic growth, climate change, and health problems.

Source: PwC’s Voice of the Consumer Survey 2024

What makes this particularly tricky is that post-pandemic, consumers are less tolerant of continued price increases, especially for essentials like groceries. Now, as many as 62% anticipate grocery spending to increase most in the next six months. This puts brands in a tough spot. They need to raise prices to manage rising costs, but doing so risks alienating loyal customers. 

The solution lies in demonstrating value. Consumers tend to pay more if they feel they’re getting good value for their money, but that value needs to be evident beyond price alone. On the other hand, 40% of respondents indicated they would switch to more affordable options, including discount or generic brands, if they felt prices were too high.

So, emphasize the value beyond price. 

• Make sure your customers understand why they should continue to choose your brand, even with higher prices. Whether through superior quality, better service, or unique benefits (like loyalty programs).
• An omnichannel strategy, where you can engage customers both online and offline, may also help reinforce the brand’s value proposition across different touchpoints.

Source: PwC’s Voice of the Consumer Survey 2024

Incorporate AI while maintaining the human element

Consumers have mixed feelings about AI. While over 50% of respondents trust AI for simpler tasks – like product recommendations – concerns about its use in personal or high-stakes services, such as healthcare, remain high. The result is that 80% are apprehensive about future developments in AI. Thus, the key challenge for businesses is to strike a balance between leveraging AI for efficiency and automation while maintaining the human touch where it matters.

Source: PwC’s Voice of the Consumer Survey 2024

Companies like Unilever have successfully blended AI with human intelligence by ensuring a person is always part of the decision-making loop. This approach ensures that while AI makes processes more efficient, customer relationships remain personal.

Based on this example, you can start using AI to automate repetitive tasks like product recommendations, customer queries, or data analysis, but always provide the option for human interaction.

Key takeaways from the report, along with best practices

1. Eco-conscious consumers 

Consumers are more eco-aware than ever before. Businesses need to prove that their eco-initiatives result in measurable positive environmental impacts. Brands that genuinely show they’re reducing waste, sourcing responsibly, or cutting down emissions can forge stronger connections with this growing consumer base.

Best practice: Offer transparency. Share data on your sustainability efforts and set measurable goals. Instead of just saying your packaging is eco-friendly, tell customers how much waste you’re cutting down annually or the specific positive impacts of your green initiatives.

2. Wellness and sustainable food production 

Consumers are now more health-conscious, and there’s a growing demand for healthier, sustainably produced foods. This means companies need to rethink their product portfolios and offer choices that not only satisfy taste but also align with these health and sustainability concerns.

Best practice: Align your product innovation with customer wellness goals. For instance, promote plant-based or low-emission alternatives. You can also highlight nutritional value and health benefits in your marketing materials.

3. Social media credibility 

Social media is a double-edged sword. It’s a fantastic platform for reaching consumers, but the rising skepticism about its reliability means that brands need to tread carefully. Content must be engaging but also authentic and transparent. Missteps here can quickly erode trust.

Best practice: Use social media strategically. Engage authentically with user-generated content or highlight customer reviews. But remember, quality matters over quantity – don’t bombard followers with ads that seem insincere or too promotional.

4. Safeguarding personal data 

Data breaches can be catastrophic. Consumers expect companies to not only protect their personal data but also to use it responsibly to offer tailored services and experiences. If a company mishandles data or fails to protect it, that trust can disappear overnight.

Best practice: Be transparent about how data is used. Regularly update customers on your privacy practices and ensure data is securely stored. Provide value in exchange for their data, like personalized recommendations or offers.

5. Balancing value and rising prices 

With inflation on the rise, firms need to strike a balance between offering value and managing price increases. Companies that can communicate the rationale behind price changes while demonstrating value will likely retain consumer trust.

Best practice: Offer transparency around pricing. Let customers know why prices have increased, and ensure your product quality justifies those costs. Loyalty programs or bundle discounts can also soften the blow for consumers.

6. Incorporating AI but maintaining a human touch 

AI can revolutionize customer service, but customers still want that human element, especially when it comes to personal or complex issues. Incorporating AI tools into operations must be done with caution. Verify if they enhance – not replace – the customer experience.

Best practice: Use AI to handle simple tasks like FAQs or order tracking, but always have a human available for more complex queries. This ensures efficiency without sacrificing personal interaction.

Last words

Trust is the foundation of modern consumer relationships. PwC’s survey shows that businesses must adapt to consumer concerns about data security, environmental impact, value, and more. 

With a focus on these trust imperatives, companies can strengthen bonds with their customers and build loyalty in a competitive market. If your brand prioritizes transparency, responsible practices, and customer-centric innovations, you will be better positioned for long-term success.