Article by Edelman
Image by Colton Duke at Unsplash
The Edelman Trust Barometer Special Report: Brand Trust in 2020 reveals that brands face a fundamental reordering of priorities amid a global pandemic and societal outcry over systemic racism prompted by the murder of George Floyd. In this environment, consumers are looking to brands to act and advocate for change.
- 53 percent of respondents say ‘whether you trust the company that owns the brand or brand that makes the product’ is the second most important factor when purchasing a new brand. Trust is second only to price (64 percent)
- 70 percent say trusting a brand is more important today than in the past – a shared belief among age groups, gender and income
- 81 percent say personal vulnerability (around health, financial stability, and privacy) is a reason why brand trust has become more important
- 74 percent say a brand’s impact on society is a reason why brand trust has become more important.
Trust is now the make or break difference for brands.