A bad customer service experience is one of the top reasons consumers lose trust in a brand.
Two retailers enjoy a great deal of trust among U.S. consumers.
CVS Pharmacy and The Home Depot took the third and tenth spots respectively in Morning Consult’s “Most Trusted Brands 2022” survey. The top spot was claimed by Band-Aid. (The top 10 brands are listed at end of article.)
The brand rankings are based on net trust, or the share of respondents who said they trust each brand to do the right thing “a lot” or “some” minus the share who said “not much” or “not at all.”
Trust Breakers Looking at the top three reasons why global consumers lost trust in a brand, a bad customer service experience and deteriorating product or service quality made the list for all respondents.
A brand’s taking a stand on a cause that the consumer disagreed with was the No. 3 trust breaker among U.S. adults.
According to the report, 54% of U.S. consumers said they have lost trust in a brand (or a company). As to what happens when that occurs, 42% of consumers said they stopped using the brand and started using competitors’ products and 39% said they stopped using the product and would never use it again. Only 10% would continue to use the brand.
Other highlights from the Morning Consult study are below.
In the U.S., income and education are both determinants of trust. Higher levels of either equate to a higher likelihood that consumers trust companies.
Just over half of U.S. adults living in households with an annual income of $100,000 or more say they go out of their way to purchase from brands they trust.
The top-ranking brand in six of the 10 countries surveyed was established in that country.
Here are the top 10 most trusted brands among U.S. adults, according to the 2022 Most Trusted Brands report.
The Weather Channel
The Home Depot
The responses for the Morning Consult survey were gathered March 3-April 3, 2022, among representative samples of 5,241 to 5,560 U.S. adults.