Consumers’ trust in brands is linked to authenticity, which means their belief in a brand reflects their values. Some previously trusted large brands have fallen in the rankings because consumers felt the companies’ values no longer aligned with their own, the report said. The survey found that firms that are seen to focus too much on their own self-interest can lose the trust of consumers, Klein said. Some organizations initially responded well to the pandemic but then backed off some initiatives, resulting in less support from customers, he said. One example is companies that gave front-line workers an increase in pay, then took it away a few months later.
This year’s study found that millennials are less trusting compared to older generations.
This finding “appears to be due to the younger generation’s inclination to assign their loyalties to proactive organizations who they perceive to be helping solve long-standing societal issues and contributing to making the world a better place,” the study said.
Canada’s Most Trusted Brands for 2021
Canadian Automobile Association (CAA)
Canadian consumers lose trust in big brands during pandemic: study
People line up at the Toronto Premium Outlets mall on Black Friday for shopping sales during the COVID-19 pandemic in Milton, Ont., Friday, Nov. 27, 2020. THE CANADIAN PRESS/Nathan Denette May 03, 2021 - 1:54 PM
VICTORIA - Consumer trust for big brands dropped during the pandemic amid concerns about how ethically companies behaved, a 2021 study has found.
The Gustavson Brand Trust Index by the University of Victoria, conducted between January and February this year, looked at consumer trust and the factors that affect it, as well as brands that succeed at it.
âAs the world climbs out of the pandemic, brand awareness is no longer the currency of business â consumer trust is the priority, said Saul Klein, dean of Gustavson School of Business
Big brands lose their edge in 2021 Gustavson Brand Trust Index
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VICTORIA, BC, May 3, 2021 /CNW/ - The 2021 Gustavson Brand Trust Index (GBTI) reveals a dramatic shift in consumer loyalty and purchase considerations. These changes highlight the relationship between consumer trust, brand advocacy and authenticity.
The Gustavson Brand Trust Index (GBTI) has released its 2021 results. (CNW Group/Gustavson School of Business)
On the heels of an exceptionally tumultuous year, the seventh iteration of the GBTI study found that consumers trust in brands is linked to authenticity their belief that the brand reflects their values. Previously trusted brands such as Amazon, Whole Foods, Air Canada and Tesla Inc., dropped in the rankings as consumers felt that the companies values no longer aligned with their own.
Canadian consumers lose trust in big brands during pandemic: study
by The Canadian Press
Last Updated May 3, 2021 at 2:14 pm EDT
VICTORIA A study has found that Canadian consumers’ trust in big brands dropped during the pandemic as they feel companies’ values no longer aligned with their own.
The Gustavson Brand Trust Index by the University of Victoria looked at consumer trust and factors that affect it.
The study says Air Canada, which experienced a rise in trust in early 2020, saw a decline overall after it failed to issue customer refunds and promoted travel during the pandemic.
It also found that Canadians have a high ability to detect whether a brand demonstrates a short-lived act of compassion to take advantage of the pandemic.