(Excerpted from KPMG study: Me, my life, and my wallet)
Today’s consumer grows more complex by the day. Tomorrow’s consumer is less predictable than ever. And the collision of geographic, geopolitical, demographic and technological revolutions has created a ‘perfect storm’ that’s making customer
centricity a prerequisite for survival, far from simply a management ideal.
In the second edition of Me, my life, my wallet, we’ve continued our exploration of the multidimensional customer — what’s truly driving behavior and choices — and how this is set to change as the customer of tomorrow emerges. This year’s edition is based on ethnographic interviews and an online survey, conducted during 2018, by GLG and Foresight Factory on behalf of KPMG International for Me, my life, my wallet. The survey included nearly 25,000 consumers across Brazil, Canada, China, France, India, the UAE, the UK and the US.
The research explores six key themes of critical importance to organizations and institutions around the world.
–We live in anxious times and younger generations are feeling it. 47% of consumers worldwide feel more anxious than last year, and the same number feel more anxious than 5 years ago — especially the Millennials at 51%, compared to only 36% of Boomers.
–Consumers are eager for all kinds of new technologies that make their life easier. Two-thirds of consumers are interested or very interested in technology — and even more so in China (81%) and India (83%). And the majority of AI, voice and machinelearning ‘new tech’ is considered ‘cool’ rather than ‘creepy’ — particularly virtual personal assistants (42%), fraud detection on credit cards (43%) and smart home devices used for security (42%).
–Consumers love access to information — but increasingly need a break. 76% of consumers like having access to lots of information; however, 29% sometimes feel overwhelmed. In fact, 30% of consumers say they intentionally disconnect from technology, with over half (54%) saying it is because they need a break.
–Huge concerns surround the use of data and hacking. Globally, 51% of consumers are anxious about identity theft, 48% about the hacking of financial, medical, or other personal info online, 46% about the theft of credit card details when shopping online, and 38% about the unauthorized tracking of their online habits by companies, governments, and criminals. And concerns run surprisingly higher among digitally native younger generations, with Millennials consistently the most anxious.
–Consumers are aware of the breadth and value of their data. Globally, 73% of consumers are okay with sharing some aspects of their data and personal information, although they want to see value from its use. And financial data isn’t the biggest concern when it comes to safety — 72% of consumers don’t trust anyone with their social media data, 68% don’t trust others with their search or browsing history and 81% don’t trust behaviorally tracked ads.
–Trust varies widely by industry … Globally, the majority of consumers trust banks (59%), healthcare providers (60%) and technology companies (54%). Advertising (26%) and government (37%) are trusted the least.
-… and by the type of data being shared.
Consumers are more likely to trust companies with the data that is directly relevant to the service they are providing. For example, 71% of consumers trust banks with their financial data, but only 9% would trust retailers with this info. Likewise, 47% of consumers trust telecom providers with their mobile data, but only 8% would trust advertisers.