Consumer confidence drops in November for British public
Consumer confidence has dropped by 1.4 points in November to 106.7, from 108.1 in October, according to the latest Consumer Confidence Index from YouGov and Centre for Economics and Business Research (Cebr). This is the lowest figure recorded this year, with YouGov noting that consumer confidence has been consistently low since the UK voted for Brexit in 2016. The index of 6000 individuals measure consumer confidence relating to a range of factors from job security to household finances. Although a score above 100 in the index suggests respondents are more confident than unconfident, the decline does reflect growing uncertainty amongst the public with doubts over household finances, business activity and job security. House value is the only area which saw a rise in consumer confidence.
Ethics and sustainability are driving consumers’ brand affinity according to research from Accenture
This week Accenture published the insights from its most recent Global Consumer Pulse study, which explores the changing relationship between consumers and brands and what customers now expect from companies. In the context of a digital society which provides greater visibility and platforms for individuals to voice their opinions, the report titled, ‘From me to we: The rise of the purpose-led brand’, shows that customers are increasingly choosing brands based on their actions, their ethics and transparency. 62% of the 30,000 consumers surveyed globally said that they want brands to take a stand on today’s pressing social and environmental issues with 66% saying transparency regarding where companies’ source materials and their treatment of employees will drive their decision to purchase.
67% of younger consumers would take legal action against businesses where data breaches had affected them personally
If businesses were in any doubt over the impact of a data breach on customer loyalty, the latest study from digital security company Gemalto confirms that consumers have little time for companies who have experienced data security incidents. In a survey of 10,500 consumers, 93% said they would hold a business accountable for a data breach and would consider acting against them if the breach personally affected them. Indeed, the majority of younger consumers (67%) would also take legal action if their personal data was stolen and most of the respondents feel that companies do not take data security seriously enough. This comes as Marriott International received two class actions from customers following their data breach.