Australian consumers are quickly losing their trust in major corporations, believing many are too ‘money hungry’, a new survey has revealed.
The Grey Sweeney Trust Scale Survey, a new report from advertising firm Grey and Sweeney Research, found that 70 percent of Australian consumers surveyed believe that corporations are money hungry and too focused on profits.
The report also found that at least 54 percent of Australians surveyed could think of an organisation or brand they no longer trust, although 59 percent placed more trust in Australian companies than overseas corporations.
Speaking at a gathering of Australia’s top corporate leaders in Sydney today, Grey executive chairman Paul Gardner said that businesses could not afford to ignore a dramatically changing tide of public opinion.
“The research points to an erosion in the levels of trust consumers place in well-known organisations and household brands. This trust, which is based on hard, demonstrable actions, rather than softer strategies such as community involvement and loyalty programs, is difficult to rebuild once lost.”
Marc L’Huillier from Sweeney Research said the global financial crisis has changed the attitude of Australian consumers and corporations are facing a backlash.
“A legacy of the GFC is a hardening of attitudes. Australians are more guarded and it will be more difficult to maintain or earn trust,” he said.
L’Huillier said Australians are looking for certainty and, emotionally, they are looking for a throwback to some of the more traditional values that may have been downplayed in recent times.
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