Consumers’ Expectations for Trust Jumps 250%: Survey
Growing concerns regarding privacy and data security are driving a seismic shift in consumers’ expectations for trust and transparency in the brands they purchase, according to Brand Keys 24th annual Customer Loyalty Engagement Index (CLEI), conducted by the New York-based brand engagement and customer loyalty research consultancy.
Unprecedented Spike
Consumer expectations for trust has increased across every category and brand Brand Keys track, on average by 250+% since 2018; consumer expectations increase each year, normally in the 2% to 25% range, according to the research firm.
The misuse of data, privacy and transparency concerns are fueling consumers mistrust of brands. The number of data breaches and the failure to disclose them in a timely manner is taking its toll on consumers’ trust of major brands.
Individual attributes, benefits and brand values make specific contributions to consumer brand engagement and loyalty. In 2019, the 12 sectors that showed the largest increases in consumers’ expectations for the value of “trust,” increasing 100% or more include Fast Food Restaurants (118%).
Most Trustworthy Brands
Panera Bread, Dunkin Donuts, Domino's, and Chick-fil-A are the leading brands in their respective food service categories, according to the 2019 survey of more than 51,000 U.S. consumers from across the United States. The participants self-selected the categories in which they are consumers and the brands for which they are customers.
This year the Brand Keys CLEI examined 822 individual brands across 90 categories. All showed significant increases in consumer expectations for the value of “trust,” some brands significantly more than others.
Consumers’ Expectations of Trust
1. Social Networking (300%)
2. Online Retail (272%)
3. Department Stores (220%)
4. AM & PM News (Broadcast & Cable) (205%)
5. Instant Messaging (180%)
6. Credit Cards (160%)
7. Insurance (125%)
8. Investment Services (120%)
9. Fast Food Restaurants (118%)
10. Online Payments (117%)
11. Ride Share (123%)
12. Smartphones (105%)
A complete list of the CLEI’s 90 categories can be found here.