In this age of constant connectivity, consumers today feel more alone than ever – and find it harder to trust their peers and companies.
In its 2020 Looking Further with Ford Trend Report, as the 8th annual report of Ford Motor Company identifies trust as a dominant global theme and explores how companies are earning it back.
Surveying 14 countries across the Americas, Asia, Europe and the Middle East, the global report suggests that people’s ability to trust peers, communities, elected officials and businesses has a crucial impact on their day-to-day lives. Other consumer trends revealed in the report:
All Alone: Loneliness has become an epidemic of global proportions. Loneliness is particularly prevalent among young people – 62 per cent of Gen Zers globally agree with the statement “I feel lonely on a regular basis” and 50 per cent agree “I often feel lonely when I’m around other people.”
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Below the Surface: There’s growing interest in the unseen elements of building consumer trust. Consumers want to believe that companies are doing the right thing but they need to see behind the curtain to believe it. 67 per cent of adults globally agree that “Once a brand loses my trust, there is no getting it back.”
Call to Stand: People are asking brands to move from a product-based mindset to a values-based mindset although it doesn’t always impact their decision to buy: 59 per cent of adults globally say they care more about purchase convenience than brand values.
Great Expectations: As internet commerce grows, so do expectations for brands. 67 per cent of adults globally agree with the statement “I have higher expectations for brands than I did in the past.”
The Green Paradox: Worldwide, consumers are increasingly worried about climate change. Yet, that worry isn’t translating into urgency: 64 per cent of people who aren’t changing their behaviour to help fight climate change say they think they can’t make a difference.
The Second Time Around: New upcycle companies around the globe have modernised resale shopping. The so-called re-commerce movement is on the rise for sophisticated and market-savvy shoppers, breathing new life into previously owned fashion pieces, appliances, electronics, household items and other goods – and more and more consumers are opting in. 60 per cent of adults globally agree “I am more open to buying used goods than I was five years ago’’.
“The rate of change globally has been on the rise – and without the trust in the institutions, brands and peers to rely on, a majority of people is feeling extremely overwhelmed,” notes Sheryl Connelly, Ford’s Global Consumer Trends and Futuring Manager.
Sheryl Connelly was of the submission that consumers want to believe that companies are doing the right thing, but companies also need to give them a clear reason to do so.
‘’At Ford, we remain deeply focused on improving the lives of consumers and their communities, so we can continue to have a trusted relationship that moves us forward together.” Ford’s Global Consumer Trends and Futuring Manager noted.
