Amid layoffs and increasing inflation, customers are making fewer purchases and paying more attention to what they buy, according to a special report from the Edelman Trust Barometer.
The special report takes a deep dive into brand trust between consumers and brands amid this year’s particularly volatile economic and social climate, using data collected from a sample of 13,000 respondents in 14 countries. It’s an extension of Edelman’s annual Trust Barometer, which was published in January.
Here are the key highlights:
- Customers are making fewer purchases: 68% of consumers say they are now more price conscious, and 58% say they make fewer impulse purchases and conduct more research on the brands they buy from.
- Trust in brands is increasingly important: 79% of consumers say they interact with brands beyond just using their products or services, such as by connecting on social media or sharing feedback. Meanwhile, 71% of consumers say it’s more important to trust the brands they buy from than it used to be in the past.
- Brand trust is particularly important for Gen Z: Higher need for brand trust is directly correlated with younger audiences. While 61% of baby boomers say brand trust has become more important to them, 79% of Gen Zers say the same thing. In addition, 62% of Gen Z say that if a brand doesn’t communicate its actions to address an issue, they assume it’s doing nothing or hiding something, compared to 46% of baby boomers who say the same.