Consumer Survey

A global survey of 5000 consumers shows that there are notable changes in consumer spending. This study revealed what needs to be done to gain customer loyalty in 2023.

The sectors most at risk as consumers review their spending are travel, hospitality, media and entertainment.

  • 81% of the consumers said they will reconsider their budget this year. In addition, they are more careful about how they will spend their money.
  • 79% of the consumers say they are re-evaluating their retail spending.
  • 78% of the consumers are likely to reduce travel expenses and 70% of the consumers might decrease their media and entertainment spending.

On the other hand, there is no decrease in consumers’ expectations.

  • 52% of the consumers expect their favorite brands to provide better experiences.
  • 72% of the consumers stated that they would stick to companies that provide fast service.
  • 65% of the consumers said their loyalty was dependent on their ability to access more personalized experiences.
  • 76% of the consumers stated that their loyalty to companies that provide data privacy will increase.

Disconnected customer experience creates frustration for customers.

  • 52% of the consumers stated that the biggest reason why they do not shop from the same place again is poor quality service.

According to the findings of this research, personalized experiences are now indispensable for being able to compete under difficult economic conditions. Real-time data also provides companies with the personalized experience their customers need. Companies that want to provide a personalized experience to their consumers can increase customer loyalty by leveraging intelligent and automated technology solutions.

Click to see how we can benefit from real-time data.

You can read the original article here.

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