EXPOSING THE SHOCKING REALITY: CONSUMERS DON’T TRUST SOCIAL MEDIA PLUGINS TO PROTECT THEIR DATA
As consumers increasingly flock to social media platforms to shop and do business, a staggering number reveal they have lost trust in social media companies to protect their personal data. Our latest survey paints a bleak picture, with only 52% of respondents declaring confidence that brands uphold ethical data protection standards.
A BREACH OF TRUST
Over 900 South Africans participating in the PwC Voice of the Consumer Survey 2024 exposed that merely 47% of them believe they understand how their data is stored and shared by brands, a far cry from reality. Meanwhile, an alarming 91% demand explicit assurances that their data won’t be shared, and a colossal 86% express deep unease about the security of their private information on social media.
A WAR FOR CONSUMER TRUST
To survive in today’s era of rapid technological disruption and trust erosion, consumer-facing businesses must reassess their relationships with customers. 77% of South Africans anticipate substantial spending increases on groceries in the next half year, while a massive 81% blame inflation and 57% point fingers at economic volatility as top economic risks for the country.
CONSUMERS DEMAND GUARANTEES
Amid the growing uncertainty and mistrust, consumers are scrutinizing company actions and policies closer than ever before. As global spending on social media advertising soars past $220 billion this year, a significant minority (42%) of South African consumers openly admit they engage with brands on social media.
REBUILDING FIDUCIARY CORPSES
PwC Retail Industry Leader, Anton Hugo, urges executive leaders to act swiftly: "Our consumers are looking for a guarantee. They crave transparency, and expect companies to own up to accountability. Any business willing to adopt a people-centric approach will excel in this competitive landscape."
The real question now is: Can any company successfully rebuild the shattered fabric of trust and maintain market momentum in the face of such seismic digital shifts? The clock is ticking.
NOTES:
A total of 1 009 South Africans participated in the global survey.
41% of surveyed local consumers state they directly purchase products through social media.
83% say they use social media for brand discovery, while 92% demand assurances about data protection to earn trust.
