Consumer spending on clothing and footwear to increase in six months: Survey
12 July 2024, Mumbai
At least 75 per cent of Indians expect their spending on clothing and footwear to increase over the next six months, as per the ‘Voice of Consumer Survey 2024 by PwC India. This is significantly higher than the global figure of 50 per cent.
As per the report, majority of Indian consumers still prefer shopping in physical stores, with 56 per cent stating they frequently’ visit offline shops. In contrast, 47 per cent reported ‘frequently’ shopping online via mobile phones. Despite the widespread use of social media for shopping, where 58 per cent of consumers purchase products directly through these platforms, there remains a significant concern about privacy, with 76 per cent worried about data sharing.
Social media plays a crucial role in brand discovery and decision-making, with 77 per cent of consumers finding new brands through these platforms and 81 per cent using them to read reviews before purchasing. However, 82 per cent of Indian consumers view the protection of personal data as the most crucial factor in building trust.
The three main drivers of building trust in online shopping include how well brands simplify life for their consumers, how effectively they connect with them, and how inclusive they are, states Ravi Kapoor, Partner and Leader – Retail and Consumer sector, PwC India. These trust-building blocks are influenced by six imperatives: creating value-driven purchase journeys, helping consumers manage health and wellness needs, maintaining authenticity on social media, securing personal data, developing sustainable business models, and responsibly using generative AI tools, he adds.
Around 82 per cent of respondents identify protecting consumer data as the most important factor in building trust, Kapoor adds.
