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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.
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.
Winnipeg Free Press By: The Canadian Press
Last Modified: 3:54 PM CDT Monday, May. 3, 2021 Save to Read Later
VICTORIA - Consumer trust for big brands dropped during the pandemic amid concerns about how ethically companies behaved, a 2021 study has found.
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
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.
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