New Research Suggests Consumer Confidence Is Recovering

Research released from the CCMA (Call Centre Management Association), the body representing UK contact centre professionals, suggests that consumer confidence has recovered in the past year.

Across all sectors, consumers are considerably more positive about the support offered by providers to help manage spending compared with last year, according to its latest research: ‘Implications of Changing Consumer Confidence on Customer Contact’.

This research is a follow-up to ‘Implications of the Rising Cost of Living on Customer Contact’, published in June 2023.

Supported by CallMiner, it tracks how consumer confidence has evolved in the past year, as well as consumer perceptions of how organizations and contact centres are helping with the cost of living.

Focused on supporting the contact centre industry, this latest research from the CCMA offers answers to questions such as:

• How has consumer confidence evolved in the past year?
• To what extent do consumers feel that providers have been supporting them during this period of rising costs?
• What can contact centres do to better support their customers in what continues to be a challenging economic climate?

Stephen Yap, Research Director, CCMA, says: “This study uncovers revealing insights about the changing consumer mindset, and shares ideas for contact centres looking to support their many customers who continue to experience financial stress.

“Since last year’s research was published, the advent of Consumer Duty has made this imperative not only desirable but necessary for many providers.”

Leigh Hopwood, CEO, CCMA, says: “There is much in this research that points to the positive impact of contact centres on customers; however, we cannot afford to be complacent.

“With the economic outlook continuing to be challenging for the foreseeable future, organizations must redouble their efforts to help customers make good choices and build financial resilience.”

Frank Sherlock, VP of International, CallMiner, said: “It is clear that customer experience (CX) is more important than ever. Consumers are looking for more from the organizations they engage with – whether that’s on price or quality of services – and brands must increase their focus on meeting those demands if they’re going to retain existing customers and attract new ones.”