As the wealth gap between affluent Americans and the rest widens, one-third (33%) of American consumers say trusting a brand is important because they are struggling financially and cannot afford to waste any money on a bad purchase.
That figure comes from the latest research [PDF] by Edelman on brand trust, which surveyed 16,000 consumers across 8 global markets.
Trust has been a frequent theme as seen in several pieces of research. It’s an issue that’s keeping CMOs awake at night and that makes a significant impact on large purchase decisions. Furthermore, transparency attracts consumers to brands.
Below are a few key insights from the Edelman report. Note that the global percentages are based on an 8-market average of the countries surveyed.
So why do consumers trust brands? The study breaks down the reasons into three areas: product-oriented concerns; customer-oriented concerns; and societal-oriented concerns.
The most commonly given reasons are all about the product, with close to 9 in 10 (87% globally, 88% in the US) choosing at least one such reason.
Close to three-quarters (73% global, same for US) said they trust a given brand because it delivers good quality products or services.
Next was that the brand gets good ratings and reviews (57% globally, 63% US).
Separate data shows that consumers have high expectations of how many reviews they want to see from brands, at least when shopping online. Half of respondents (49% globally, 51% US) also trust a brand because it charges a fair price for its products or services. Read the rest at Marketing Charts.