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A year after brands decided to wade into politics in response to last summer’s social unrest, consumers are still left wanting. What, exactly, is TBD. According to a report conducted by global agency Havas Media Group, which surveyed 395,000 people globally, we’ve entered the “age of cynicism,” and brand trust is at an all-time low.
Some insights:
- Only 36% of respondents feel satisfied with companies' actions to “make the world a better place.”
- 71% aren't convinced brands will deliver on their promises + only 34% think they’re transparent about their commitments and promises.
- 75% of brands could disappear overnight and most people wouldn't care (yikes).
Yes, those were a lot of bullet points, but a key takeaway: Less than half of brands, 47% to be exact, are seen as trustworthy.
Of course, it’s fair to ask why consumers might be cynical and distrustful. Could it be because brands give them a reason to be? For instance, earlier this month, the Financial Times pointed to a study conducted by consulting firm Creative Investment Research that found that although American companies have pledged $50 billion on racial equity since last summer, only $250 million has actually been spent.
Zoom out: “Standing for something” as a brand doesn’t have to start and end with a vapid social strategy. It can be good for the bottom line. According to the survey, more than half of consumers are willing to pay more for a brand that takes a stand.—RB