Forrester’s 2024 Customer Experience Index reveals a troubling trend in consumer satisfaction. The survey, covering 98,000 U.S. customers across 223 brands and 13 industries, shows a third consecutive year of declining consumer opinions about their interactions with brands. The overall satisfaction rating dropped to 69.3%, the lowest since the survey’s inception in 2016. This decline was widespread, with 39% of brands experiencing significant decreases in customer satisfaction. Key factors contributing to this downturn include inflation-driven price hikes, the spread of “shrinkflation,” and the increased use of AI chatbots and automated systems in customer service. Despite the overall decline, some companies like Chewy.com and USAA managed to maintain high satisfaction ratings. Forrester emphasizes that customer-obsessed firms show higher revenue growth, profit increases, and customer retention compared to their competitors.
Consumer Satisfaction Hits Record Low in Forrester Survey
Consumer satisfaction with brands hits record low, driven by rising prices and declining service quality.
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