PwC Consumer Survey results: consumers reducing spending, but willing to pay for eco-friendly products

The results of PwC’s fifth Global Consumer Insights Survey are in. Consumers surveyed are “holding back” on non-essential spending. Consumers are changing habits and the cost-of-living crisis is making an impact. A significant decline in planned spend across all categories since the previous pulse in June, 2022. Rising prices and supply chain problems continue. Consumers are demanding less friction in their experience and want a mix of digital and in-store. The online shopping seen during the pandemic appears to be unwinding in some spots. Demand is high for sustainable goods and experiences with ethical companies. Metaverse use, and non-use, is interesting geographically. 

Here are some of the report’s key insights:

• Half of all consumers report feeling concerned about their own personal financial situations, and 69% of consumers intend to adopt cost-saving behaviors over the next six months.

• Consumers are using technology to make choices that best suit their lifestyles—and pocketbooks. Fully 43% of consumers said they plan to increase online shopping, and 40% of consumers who intend to increase in-store shopping and decrease online shopping say it’s because delivery costs are too high.

• When asked to rank what factors would most enhance their in-store shopping experiences, 27% put access to knowledgeable and helpful sales associates on top. At the same time, 16% said the ability to use self-service checkout kiosks was their most-favored attribute, followed closely (15%) by in-store use of a retailer’s website or mobile app to browse for particular products. 

• More than three-fourths (78%) are willing to pay higher for a product that is produced/sourced locally, or made from recycled, sustainable or eco-friendly materials (77%), or produced by a company with a reputation for ethical practices (75%).

• One in four consumers have used the metaverse in the last six months for entertainment, virtual experiences, or purchasing products. 

• Consumers are concerned about data security and privacy. Half (49%) say they don’t share any more personal data than necessary and 32% opt out of receiving emails, texts and other communications.

About the data: PwC surveyed 9,180 consumers from October 24 to November 16 of 2022 via a 15-minute online quantitative survey. Interviews were conducted with consumers in twenty-five participating territories, and the survey was translated into fourteen languages. This survey highlights movements between pulses (with the preceding pulse being conducted in March of 2022) and explores any key data points in detail. 

The full findings can be accessed at www.pwc.com/gx/en/industries/consumer-markets/consumer-insights-survey.html (to be updated).