Consumer Pulse | November 21, 2024 | Trust Fall

What's happening:

Consumers today are looking beyond just products—they want to trust the brands they buy from. With greater access to information and heightened expectations for corporate responsibility, trust has become a defining factor in purchasing decisions.

What we found:

• 39% of respondents report that their trust in brands has decreased over time.
• When trust has eroded between the consumer and their preferred brand, 58% report switching entirely to a new brand that they trust more.
• When it comes to what makes a brand trustworthy, consumers ranked reviews and recommendations as 5th out of 6 factors deemed as important. While these reviews themselves may not be the sole contributor to creating brand trust, they can offer key insights into a product’s quality or performance, which is the top consideration (38%) people look towards for developing trust in a brand. This becomes especially important for those who haven’t tried a product yet and are looking to gauge quality before purchase. 
• Consumers want three key attributes from the brand they buy: reliability (56%), honesty (56%), and consistency (38%). 

Why it matters:

These insights demonstrate the tangible impact that trust has on brand loyalty and purchase decisions. In a marketplace where consumers have endless options, trust is often the deciding factor between loyalty and lost business. 

Brands that prioritize trust-building strategies—whether through clear communication, delivering consistent product quality, or demonstrating corporate responsibility—can differentiate themselves and foster lasting relationships with their customers that can drive future growth. A trusted brand not only wins over individual consumers but also earns advocates who will champion your brand within their networks in the form of reviews and recommendations. Brands that fail to cultivate trust can quickly find themselves losing customers to competitors who do. 

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