Banks and online retailers are experiencing significant shifts in Australia's most trusted and distrusted brands, according to the latest quarterly update by Roy Morgan. While Bunnings maintains its position as the most trusted brand for the eighth consecutive time, online retail giants like Temu and Shein are facing a surge in distrust.
The top four trusted brands remain unchanged, with Bunnings, Aldi, Kmart, and Apple in the lead. However, the banking sector has seen a notable rise in trust, with the Commonwealth Bank replacing Toyota in the fifth position. Westpac, NAB, ING, and Bendigo have also climbed the rankings, making the banking industry the eighth-most trusted in Australia, a significant 10-spot improvement in the past year.
In contrast, Woolworths and Coles continue to dominate the 'most distrusted' list for the fourth quarter in a row. Temu, however, is quickly gaining distrust, rising to the fifth position in the latest quarter. Amazon and Shein also feature in the top 11 most distrusted brands, with poor quality, lack of ethics, and dishonesty cited as key factors.
Despite increasing usage, online retail platforms like Amazon, AliExpress, and Kogan are facing a backlash from customers, who are turning to eBay as the only trustworthy option in the sector. This shift in trust is attributed to unethical practices and profit-driven behavior, with Temu's distrust accelerating due to poor quality and low standards.
The update highlights the dynamic nature of brand trust, with banks and online retailers experiencing both positive and negative shifts in public perception. As more Australians engage with these brands, the pollster emphasizes the importance of addressing ethical concerns and maintaining high standards to build and sustain trust.
