Hardware chain Bunnings, Woolworths supermarkets and national airline Qantas are the most trusted brands during the coronavirus lockdown, according to the latest Roy Morgan Risk Monitor.
Bunnings emerged as Australia’s most trusted brand in April. Woolworths was second and Qantas third.
Qantas lifted two trust rankings, and the Commonwealth Bank entered the top 10 for the first time since the Financial Services Royal Commission.
Social Media platform Facebook and financial services giant AMP sat at the bottom of the rankings as the most distrusted
“It’s only a few weeks since we were in lockdown and desperately trying to get to the supermarkets for essentials," says Roy Morgan CEO Michele Levine.
"And despite accusations of price gouging, delivery problems, and supply chain failures Woolworths rode the storm best and came out really trusted by Australians.
“Woolworths was on the front foot from the outset and that appears to have resonated with Australians.
“This is also a great result for Bunnings. Australian’s just love it – even when they can’t have a sausage sizzle. Bunnings keeps innovating and creating new connections with its customers. It’s a global retail case study,” she said.
“But Qantas and the CBA are the standout performers. Qantas was frequently in the media flying stranded Australians home from across the globe throughout the pandemic lockdown."
In early March Matt Comyn, CEO of the CBA, offered financially stressed customers loan payment relief. He had a high profile during the lockdown and that has paid dividends for the CBA’s level of trust.
The retail sector emerged as Australia’s most trusted industry, with the supermarket sector second and consumer products third.
Facebook and AMP were the most distrusted brands in Australia.
“AMP still struggles to recover from the Royal Commission fallout. We saw it leap from virtually no distrust to become the second most distrusted brand in the nation,” says Levine.
“As a consequence, AMP’s soaring distrust saw billions of dollars withdrawn from investments under management and the company’s share price plummet by more than 70%.
“That’s the real risk of distrust. It is not just a reputational issue, it has a material impact on a company’s revenues and market value."
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