TrendSights Analysis: Trust & Transparency - Establishing brand credibility to enhance consumer confidence and loyalty
Transparency demands that products and processes stand up to scrutiny. Consumers have become highly sceptical, even cynical, and want deeper, more authentic reassurances and transparency about how products are produced. Brands must better define, explain, or quantify how they are different across a range of criteria in order to establish higher trust.
- Various product safety scandals and media coverage of associated lawsuits has made consumers more skeptical, and cynical of brands and their products.
- Pollution, waste, natural resource depletion, and climate change all heighten the expectations that consumers have for corporations. Many are even skeptical when brands attempt to address such issues.
- Younger consumers with regular internet access seek frequent, transparent information from brands.
- Parents with young children seek trust in brands to manufacture safe, beneficial products.
- Older consumers who trust and favour professional advice over FMCG brands.
Develop packaging and printing techniques conveying authenticity, traceability, and protecting against counterfeiting. Emphasize transparency through simplistic packaging and “clean labels” stating short ingredients lists and essential information only. Highlight traceability of products by informing consumers of sourcing and origin information.
The report TrendSights Analysis: Trust & Transparency explores what the Trust & Transparency trend is, why it is important, who is most influenced by it, and how brands and manufacturers can capitalize on it. Additionally, this report helps to understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry, helps in identifying where the trend is heading next and how long it will last.
Companies mentioned in this report: RXBar, Salty Girl Seafood, EPIC Bites, Innocent Drinks, Suja, Veri Organic, Crown Royal Whiskey, FAIR Vodka, Black Towers Wine, Belif, PHB Ethical Beauty, Bio-D, SC Johnson, The Honest Kitchen.Scope
Reasons to buy
- Over half of global consumers state that a trusted brand is important or very important when choosing soft drinks to purchase.
- Two-thirds of global consumers don't think that scientific claims made about beauty or grooming products are trustworthy.
- Half of global consumers find it hard to fully trust any grocery business, regardless of size.
- Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry.
- Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
- Access valuable strategic take-outs to help direct future decision-making and inform new product development.
- Executive Summary
- Content to help you learn from the past, understand the present, and see the future
- Establishing brand credibility to enhance consumer confidence and loyalty
- Trust & Transparency
- Trust & Transparency is within GlobalData's Comfort & Uncertainty and Sustainability & Ethics megatrends
- Trust & Transparency is one of the 63 trends in GlobalData's TrendSights Framework
- Many consumers draw comfort from the traditional and the familiar because they are highly sceptical, even cynical, of companies and their products
- Which sectors is this trend most important to?
- Focus on: Food
- Focus on: Non-alcoholic drinks
- Focus on: Alcoholic drinks
- Focus on: Personal care
- Focus on: Household care
- Focus on: Pet care and Tobacco
- The trend is shaped by a number of drivers and inhibitors
- Key features of the Trust & Transparency trend
- Younger consumers are less trusting towards traditional advertising
- Examples we like: Food
- Examples we like: Non-Alcoholic Drinks
- Examples we like: Alcohol
- Examples we like: Personal Care
- Examples we like: Household care and Pet care
- Suggested innovation implications
- Growth prospects for the Trust & Transparency trend
- Future opportunities to align with the Trust & Transparency trend
- Methodology and references