Morning Consult has found food and beverage is the most trusted industry with more than seven in 10 U.S. adults having faith in these companies, according to its “Most Trusted Brands 2022” report.
However, the data revealed that while consumers tend to have long-term relationships with food and beverage brands, they are not afraid to switch when that trust wanes. Morning Consult noted more than one in three consumers said they have switched food and beverage brands when this occurred, which is more than any other category.
Walmart is among the highest scoring retailers in the report. Its private label brand Great Value, is the No. 11 most trusted food and beverage brand among millennials. As cash-strapped consumers deal with price increases on grocery store shelves, more of them are turning to private label, especially younger consumers like millennials who might have less income than older shoppers.
Respondents were asked which attributes they ranked as the most important. Baby boomers were soundly behind good value for price, high-quality products and services and consistent delivery on promises. Even though these also were highly valued with Gen Z adults and millennials, younger demographics tended to value more other factors, including good customer service, sustainability, and customer reviews.
Trust in the food industry was especially high among baby boomers (84%) and high-income consumers (82%). However, that trust slips a bit among younger consumers. Sixty-two percent of Gen Z adults and 67% of millennials have strong trust in the industry.