Consumer satisfaction remains steady in the UK despite economic challenges
Businesses have faced severe economic challenges over the last year, but new research from KPMG revealed that UK consumer satisfaction has held steady.
The annual Customer Experience Excellence report highlights how each sector and hundreds of businesses are viewed in the eyes of the British public. The results are compiled from the experiences of more than 10,000 UK consumers and 333 brands.
Last year saw an average consumer experience score of 7.36 across all brands. Despite the significant amount of pressure organisations have faced since, including supply chain disruptions and inflation, the 2022 figure came in at 7.37, implying that customers are feeling much the same as they were in 2021.
Tim Knight, UK head of customer and operations, KPMG, said: “Businesses are operating amidst some of the most difficult trading conditions the UK has ever experienced. Macroeconomics, geopolitical tensions, broken supply chains and the cost of living crisis are shaping an excruciatingly tough business environment.”
Stats from the research showed the top five UK brands in 2022, as rated by consumers, were:
Pharmacy2U (up five places from last year)
First Direct (up ten places from last year)
QVC UK (up one place from last year)
Lush (down two places from last year)
Lakeland (up 11 places from last year)
Pharmacy2U, an NHS partner, was ranked as the leading business for consumer experience in 2022. In terms of new customers, it soared from 30,000 a month to the same volume every 48 hours during the height of the pandemic.
Non-grocery retail ranked as the leading sector in this year’s report, followed by grocery retail and financial services. Linda Ellett, UK head of consumer markets and retail, KPMG, attributed environmental, social and governance (ESG) as a driving factor behind consumer experience, also noting that “the cost of living squeeze is ensuring that price is a critical purchasing driver for many consumers.”
The KPMG report found that despite the cost of living crisis, high-quality experiences positively influence the way in which customers perceive value, as well as the level of commitment and purpose a company displays, with just under half of respondents saying they would be more willing to buy goods and services from businesses that reflect their values.
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