PwC survey shows volatility in consumer behavior at an all-time high

PwC customer loyalty survey overview: 

• Who: PwC released its Customer Loyalty Survey 2022. 
• Why: The PwC survey found consumers are being more volatile than ever before with their spending habits and preferences. 
• Where: The PwC survey was nationwide.

Consumers are being more volatile than ever before when it comes to their spending habits and preferences, a new survey has found.

Buying decisions are being influenced by a number of factors, including inflation and an unsteady economic outlook, according to the newly released PwC Customer Loyalty Survey 2022. 

PwC determined that consumers, as a whole, are being “more discerning than ever” while technology is giving them increased insight into where companies stand on social issues and sustainability. 

The PwC survey revealed that, among other things, 26% of consumers stopped using or buying from a specific business last year, mainly due to a reported bad experience, while 51% revealed they would be less loyal to a company if their online shopping experience was subpar to in person.

“Ignore the digital dimension at your peril. More than half of respondents said they’re less likely to be loyal to a brand if its online shopping experience isn’t as easy or enjoyable as shopping in person,” the consumer behavior survey says. 

The ability to interact with another person in general when making a purchase was found to be important to consumers with as many as one-third of all respondents saying human interaction played a role in their brand loyalty. 

Gen Z, Gen X, Millennials more likely to try new brands, PwC survey says

PwC also found that the generation a consumer is in played a role in their spending habits with Generation Z, Generation X and Millennials revealing they were more likely to try a new brand compared to a baby boomer. 

Ultimately, the PwC survey found that a consumer’s experience with a company is the critical factor in determining their loyalty with 55% of respondents saying they would stop patronizing a company they liked if they had multiple bad experiences. 

Further, the consumer behavior survey found that 8% of consumers said they would stop buying from a business they otherwise liked after only one bad experience. 

“While 8% may not seem like much, it is when you’re talking about a market-leading company with millions of customers,” PwC says. 

What was classified as a bad experience for a consumer ranged from price hikes to lack of availability, poor or slow service and a loss of trust, among other things, according to the PwC survey. 

A separate survey released this month by Deloitte found consumers are expected to spend an average of $661 on back-to-school shopping this year — an increase of 8% from 2021. 

Have you noticed your spending habits have changed? Let us know in the comments! 

Read About More Class Action Lawsuits & Class Action Settlements:

• Harley Davidson class action alleges warranty violates state, federal laws
• Gastroenterology Consultants PA (GCPA) data breach class action settlement
• Office of Personnel Management data breach $63M class action settlement
• PCS Revenue Control Systems data breach $1.135M class action settlement