Deloitte Study Shows Inflection Point for Consumer Products Industry
Consumers are turning to online reviews in large numbers -- and those reviews are having a considerable impact on purchase decisions. According to a recent survey by Deloitte's Consumer Products group, almost two-thirds (62 percent) of consumers read consumer-written product reviews on the Internet. Of these, more than eight in 10 (82 percent) say their purchase decisions have been directly influenced by the reviews, either influencing them to buy a different product than the one they had originally been thinking about purchasing or confirming the original purchase intention. Interestingly, while the percentages were slightly higher for the younger generations, all age groups are reading and acting on online reviews at significant rates. In addition, the reach of consumer reviews isn't limited to the online world; seven in 10 (69 percent) consumers who read reviews share them with friends, family or colleagues, thus amplifying their impact. To read more on the findings of this survey, which polled a sample of 3,331 consumers over the age of 16, please visit www.deloitte.com/us/cpg.