Retail, supermarkets and consumer products are Australia’s most trusted industries according to the latest research from Roy Morgan.
Hardware retailer Bunnings came out on top as the most trusted brand in Australia, edging out supermarkets Aldi and Woolworths which took second and third place respectively.
After ranking among the least trusted companies in last year’s study, supermarket Coles has redeemed itself this year, taking the sixth position in the top 10 highest Net Trust Scores, ahead of Kmart.
“The significant research program we began in 2017 has revealed that while trust is an essential ingredient in any functional relationship, be it person-to-person or brand-to-customer, it cannot shield against the corrosive effects of distrust,” Roy Morgan CEO Michele Levine explained.
Levine said distrust is a major risk factor for businesses and should be monitored to avoid customer complaints, loss of market share and a decline in share price.
Pharmaceuticals, telecommunications and banks were among the most distrusted industries.