In a competitive landscape, trust is a key player in brand success as consumers are more discerning than ever before. Here are some useful stats that shed light on the state of the industry at present.
Important Brand Trust Stats
- 7 1% of consumers are more likely to purchase from a brand they trust (source).
- According to Edelman’s Trust Barometer, Gen Z exhibits the highest need for brand trust, with 79% saying it is more important to trust the brands they buy today than in the past (source).
- The Institute of Customer Service found that 81% of people hold trust as a very important factor in deciding whether or not to use an organisation and 95% are likely or very likely to remain as a customer of a business they trust (source).
- Three-quarters (75%) of consumers are more loyal to retailers that present themselves as being authentic (source).
- Research reveals that 65% of UK consumers think about the environmental impact of the items they buy, while 41% say they prefer to shop locally rather than online (source).
- One consumer survey shows that 49% of consumers trust branded reviews as much as personal recommendations from friends and family members (source).
- Customer reviews and ratings are crucial, According to a 2021 report by PowerReviews, 99.9% of customers read reviews when they shop online (source).
- 61% of consumers will recommend a brand they trust to a friend (source).
- 41% of consumers will join a loyalty program with a brand that they trust (source).
- 40% of consumers will post reviews online for a brand they trust (source).
- 49% of consumers will distrust a brand that tracks them online or uses their information inappropriately (source).
- 39% of consumers will distrust a brand that sends them too many communications (source).
- 39% of consumers will distrust a brand that continues to send them comms despite the consumer opting out (source).
- 58% of people will buy or advocate for brands based on their beliefs and values (source).
- 80% of people will invest in brands based on their beliefs and values (source).
- 40% of people will trust a brand because of an influencer (source).
- 63% of people will trust what an influencer says about a brand as opposed to what a brand says about itself (source)
- 81% of consumers must be able to trust a brand will do what is right (source).
- As few as 26% of millennials trust traditional advertising, suspected to be even lower for Gen Z (source).
- Almost 50% of shoppers would pay more for a brand that they trust (source).
- 77% of consumers prefer shopping with brands they follow on social media
- Two-thirds of consumers think it’s annoying when brands make fun of their competitors, this can implicate brand trust (source).
- 32% of customers say positive customer service experiences are one of the main contributing factors to brand trust (source).
- 91% of business executives say their ability to build and maintain trust improves their bottom line (source).
- 79% of consumers say that protecting their data is very important to build trust (source).
- About half of consumers (50%) report experiencing a trust-damaging event. But only 20% of business executives say their organisation has been involved in this type of incident (source).
- According to a survey by Pwc, 74% of consumers build trust through quick responses to customer concerns (source).
- In the same survey, 72% of respondents agreed that high-quality products and services helped them build trust with a brand.
- Lastly, trust in technology brands is set to reduce by 15% by the end of 2023. Throughout COVID-19, trust for tech-led businesses increased hugely, however, the honeymoon period appears to be drawing to a close as consumers become increasingly less confident in tech-related businesses.
In an evolving marketing landscape, trust remains the underpinning factor that holds brands and consumers together. As the statistics above show, building and maintaining brand trust is multifaceted and it requires transparency, consistency, and a deep understanding of consumer behaviour.
Keeping these trust-building strategies in mind will be essential for businesses looking to thrive in an era where trust is paramount.