2023 Edelman Trust Barometer: Special Report — The Collapse of the Purchase Funnel
The Collapse of the Purchase Funnel.
In a volatile world rife with pressures on consumers, from health and the economy to challenges to rights and freedoms and an eroding sense of community, consumers are demanding more from brands.
The relationship between consumers and brands must evolve, as people feel more vulnerable, and their expectations of brands grow. The 2023 Edelman Trust Barometer Special Report: The Collapse of the Purchase Funnel tells us that consumers are looking for ongoing engagement after the point of purchase and their need for trust grows with feelings of vulnerability.
Personal and societal threats have led to a more discerning consumer.
Gen Z is impacting the entire buying ecosystem.
The purchase funnel no longer reflects the modern brand-consumer relationship, purchase is just the beginning.
of Gen Z say it’s more important than ever to trust the brands they buy, more than any other generation surveyed
of consumers say Gen Z influences where and how they shop, with a staggering 12-point increase in one year on those age 59+
Building brands in a vulnerable world
1. Move beyond the funnel
Today’s consumers want an ongoing relationship with brands, and most consideration happens after the purchase. Build your brand and measurement strategy around the Trust Loop.
2. Work with Z, don’t underestimate them
Gen Z is changing the face of global commerce. They are pragmatic and highly influential. Even if they’re not your target, work with them to unlock consumer action at scale.
3. Make trust your growth engine
With trust, brand action fuels consumer action – buying, advocacy and loyalty. Through a reciprocal relationship that builds trust, you can unlock growth.
More findings from the special report
- 79% of consumers only discover what connects them to a brand after their first purchase.
- Interactions with a brand show consumers whether it is competent (70%), ethical (60%) and relevant (59%).
- Consumers are 7 times more likely to buy from brands that improve access to healthcare, 5 times for climate action and 4.5 times for fighting racism.
- Brand engagement backfires when it lacks relevance (76%) or authenticity (51%).
“The purchase is no longer the end point, but the beginning of an ongoing relationship with the consumer.” — Richard Edelman, CEO of Edelman
What does this mean for your business?
Download the report, explore the findings and learn how we can help your company bridge the gap.
More Edelman Reports
The Edelman Trust Barometers includes data on trust in businesses, media, government and NGOs in Portugal and globally — an essential reference for any corporate communication strategy.