Walmart, L'Oreal, Olay and Dove among most trusted brands in America
In an annual survey conducted by Reader's Digest to determine the most trusted brands in America, Walmart and personal care brands L'Oreal, Olay and Dove topped the rankings.
Walmart led the mass merchandise retail category, L'Oreal topped the hair color category, Olay won top facial moisturizer or cream and Dove won most trusted soap and body wash.
Key findings of the study also included that 49% of consumers indicated their trust for a brand would lead them to likely purchase more product from the brand in the future. Three quarters of survey participants cited trust as a key reason for making an initial purchase from a brand.
The survey revealed that if price and service appear similar to customers, 81% indicated trust will be a deciding factor in their ultimate purchase. 70% of those surveyed said they would even pay higher retail prices to purchase from brands they trust.
If trust is broken, that can be fatal for a brand. Two thirds of those surveyed agreed with the statement that “if a brand lets me down once, it’s hard for me to trust it enough to continue to buy it."
The survey also shared insight into how the millennial market values brand trust and how digital strategies are so critical in engaging with this demographic.
"Millennials are highly responsive to brands that engage, with 71 percent reporting they trust brands that value their contribution and feedback."
This is the third year Reader's Digest has conducted the study which is entitled the Most Trusted Brands in America. Over 5,500 adults online were polled. Data was then weighted to US Census data by age, gender, income and geography to award winners in 40 top categories across America.
The survey helps brands understand how consumers shop across categories and gain valuable insights into how trust factors into purchase decision making. It also helps consumers on the front end of purchasing by sharing knowledge of the most trusted brands.
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