2023 Gustavson Brand Trust Index: Fear of inflation impacts Canada’s Brand Trust

MEC & Costco Benefit From Customer Focus & Value

As of June 28, 2023, the 2023 Gustavson Brand Trust Index (GBTI) has been published, revealing that MEC (Mountain Equipment Company) and Costco are the top trusted brands in Canada. Both brands have achieved the same score, highlighting their respected reputation and excellent rapport with customers.

Saul Klein, the dean of the Gustavson School of Business at the University of Victoria, stated that both brands' dedication to providing valuable products, excellent customer service, and competitive prices has struck a chord with consumers who are seeking affordability in the midst of rising prices.

The GBTI, which stands for Global Brand Trust Index, is an important research project that was established in 2015. Its main focus is to examine consumer trust, the factors that impact it, and the brands that excel in building trust. In the current year, the GBTI featured 406 brands from both national and international levels, covering 33 different categories. The survey took place over the course of four months, from January to April 2023. For a complete list of the most trusted brands in Canada, you can find it HERE. One of the key findings this year was that brands that offered savings and value to consumers were able to increase their trust ratings. This was influenced by the rising inflation and financial difficulties that people experienced. On the other hand, brands that disregarded the increasing costs saw a decline in their trust scores.

In 2019 and 2020, MEC reached the highest position in the Gustavson Brand Trust Index. However, their ranking took a big dip in 2021 after they broke up their cooperative structure and got sold to a private investment company in the United States. They slipped down to seventh place. Nonetheless, with unwavering efforts, they managed to regain their position as the most trusted brand in 2023, coming in first place once again.

Klein stated that MEC's remarkable resurgence tale illustrates the strength of perseverance and customer devotion, propelling them from a challenging situation to regain their status as the most relied upon brand in Canada. He believes that their narrative serves as motivation for other businesses to prioritize honesty, sustainability, and customer-focused strategies in order to regain trust and thrive in a fiercely competitive market.

One interesting aspect of GBTI 2023 is the examination of trust levels among French and English Canadians. Within the media sector, for instance, all participants expressed a high level of trust in The Weather Network. However, French Canadians demonstrated a considerably lower level of trust in social media compared to their English-speaking peers. These results emphasize the significance of cultural and language differences when evaluating brand trust among various Canadian groups.

Hey marketers! The latest findings for the 2023 Gustavson #BrandTrust Index are now available! You can access the complete report here to discover the highly-rated brands and delve into the essential findings from this year's extensive consumer research investigation on trust.

Webinar on Assessing Brand Credibility

Come and participate in an insightful conversation regarding the Gustavson Brand Trust Index and how brand trust will be perceived by businesses in the coming years, starting from 2023 and beyond. Esteemed guests that will be gracing the discussion are Saul Klein, Michele Guimond who holds the position of VP of Marketing at MEC, Chandra Colbear, the Senior Director of Ecommerce and Direct Sales at Dyson, and lastly, Stephen Beatty, the Vice President of Corporate at Toyota.

The upcoming online seminar is scheduled for June 28th, commencing at 1 PM and concluding at 2:30 PM Eastern Time (ET). To secure your spot, kindly sign up HERE or alternatively, reach out to us via email at [email protected]

Contacts for the media can be reached through the following individuals: Saul Klein, the Dean of Gustavson School of Business, can be contacted at 250-721-6422 or via email at [email protected] Masami Teramachi from Tartanbond can also be contacted at 250-216-0900 or via email at [email protected]

The Gustavson Brand Trust Index (GBTI) is a valuable research study carried out by an academic institution that examines the trust consumers have in brands, the factors that impact trust, and the brands that do well in establishing trust. It was established in 2015 and acts as a platform for promoting responsible management practices within organizations. The GBTI recognizes the increasing importance for businesses in the 21st century to make positive contributions to their communities. The Gustavson School of Business, as an educational institution, has a unique perspective to evaluate brand values and educate individuals about their importance in building trust among consumers in today's society. The GBTI team consists of respected researchers who assess the overall level of consumer trust in brands, with a specific focus on the role of brand values. Their study covers more than 400 brands throughout Canada.

Don't forget to stay updated with our latest updates by following us on Twitter: @uvicnews. You can also find more information about Gustavson Brand Trust by visiting this link: https://www.uvic.ca/gustavson/brandtrust/assets/docs/2023/gustavson-brand-trust-2023-final.pdf.