India has the highest number of consumers who are influenced by advertising: KPMG report

KPMG has released the second edition of its ‘Me, my life, my wallet’ report. 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.

One of the key insights from the survey was that 24% of those surveyed in India indicated that advertising influenced their buying/spending decision, the highest for any country. This included all channels and mediums of advertising, including digital media.

The research explores six key themes of critical importance to organisations and institutions around the world — trust, data, wealth and retirement, generational surfing, the customer of the future and the B2B customer. It also provides an in-depth look at STEP (Social, Technological, Economic and Political) events influencing consumers of today, tomorrow and highlights emerging patterns of behaviour around the world.

Some other key insights from the research were:

• In India, consumers trust technology companies (75%), wealth management companies (62%), power and utility firms (62%), banking (75%) the most. The least trusted entity is the government at 51%, a high figure compared to the global average (37%).
• 87% would trade their personal data to a company for: better customer experience and personalization – 26%, better products and services – 24%, better security – 21%
• 58% will most likely view brands on social media that “offer deals or discounts” 55% would rather lose their wallet than their phone
• Globally, 66% of consumers are interested or very interested in technology – this leaps in the fast-growing economies of China (81%), and India (83%)
• Globally, 38% of consumers are anxious about unauthorised tracking of their online habits by companies, governments, and criminals; 47% in India
• Globally, 51% of consumers are anxious about identity theft; 52% in India
• Globally, almost a quarter (24%) of consumers say they would not trade their data, this falls to 13% in India
• Consumers in India are more trusting with their data than consumers in other markets. Globally, 37% of consumers don’t trust anyone with their social media data, in India it is 13%. Globally, 31% of consumers don’t trust anyone with their mobile data, in India it is 10%

“Consumers are anxious, with younger generations feeling it the most. They like new technology but are concerned about handing over personal data, and what that could mean for their privacy and security. Our research demonstrates that organisations should be aware of the heightened awareness people have about the value of their data; they want to feel that they are in control at every stage of the business relationship,” said Harsha Razdan, Partner and Head, Consumer Markets, KPMG, India.

“Many companies haven’t yet fully grasped the concerns consumers have about sharing their data, or how this could affect consumer loyalty. Yet more and more businesses are looking to monetise the data they hold – whether that’s what we put in our shopping basket, how many times a week we exercise, or what we choose to watch. Consumers are more aware of the value of their data, and businesses need to be responding to this new, tech-driven, data-savvy type of customer,” he added.

Drawing the difference between the two Indias, Abhijeet Ranade, Partner and Head of Customer and Channels, Management Consulting, KPMG, India, said, “With digital services moving from the big cities into India’s heartland, the type of growth that we will witness will change. The consumer in a second-tier city will be very different to the one in Mumbai and the rural consumer is different again. This makes the Indian market yet more complex.”

Click here to view full report.

Info@BestMediaInfo.com