Morning Consult examined brand trust across industries globally for 2022.
A survey of 2,200 U.S. adults, 1,299 South Korean residents, and 1,000 residents each in Canada, China, France, Germany, India, Italy, Japan, and the U.K. was conducted April 8-14, 2022.
Key Findings:
- Household names with local roots helped boost consumer trust.
- The No. 1 Most Trusted Brand in 6 of the 10 countries surveyed was established in that country.
- For the most part, small businesses were well-trusted.
- Across North America and Europe, trust in small businesses was quite high, but there was a sizable trust gap in the Asian countries surveyed.
- Good value for price and high-quality products/services were crucial for building trust.
- International respondents ranked other elements as less important, such as ethical business practices and good customer service.
- Poor customer service was a primary driver in breaking trust.
- Bad customer service experiences and deteriorating product quality were among the top reasons that global consumers lost trust in brands.