August 17, 2023, 11:40 AM EDT
The Rise of the Consumer
Redefining the Brand Relationship
The relationship between consumers and brands is rapidly changing in the post-COVID environment. Consumers are looking for more control1, and a more personalized experience where brands make them feel special. They want brands to demonstrate their investment in the relationship.2 And they want to support brands that are aligned with their values.3
While these consumer expectations of brands continue to evolve, three significant trends are converging that may also bring big changes to the consumer/brand relationship.
Trend 1: The Data Desert
Consumers are pushing back on how brands can use their data. They’re looking for transparency and want to be confident their data is protected.
Trend 2: Frictionless Evolution
Peer-to-peer payments, mobile wallets and mobile payments are making banking and bill pay more seamless for consumers. As large retailers and manufacturers get into the game, brands have an opportunity to remove friction for their customers as a first step in expanding their relationship.
Trend 3: Web3 Deepens Connections
Web3 offers a decentralized, permissionless, transparent and efficient online experience that can unlock myriad opportunities for interested brands and consumers.
This report takes a closer look at these trends and what they mean for brands seeking to deliver experiences that meet—and exceed—consumer expectations.
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1US Outlook: Values & The Vibes 2022, Kantar, 2022.
2McKinsey in Personalization 2021 consumer survey 9/7-9/8/2021 (n=1,031), sampled and weighted to match U.S. general population 18+ years.
3Synchrony Generational Study, Synchrony, 2021.