A new report from Forrester, The State Of Global Consumer Trust, 2023, finds that even during a volatile year, consumer trust remains relatively consistent. Understanding consumer trust is key to developing strategies that improve it. Our research shows that business leaders who apply a systematic and scientific approach to cultivating trust drive revenue by building unbreakable bonds with customers, attracting the most dedicated talent, and creating inimitable engagement with partners — all while minimizing risk. This report uses survey data and Forrester’s Trust Imperative framework to provide insight into the state of global consumer trust to help you increase your customers’ trust and achieve enduring business success. According to Forrester’s Consumer Trust Imperative Survey, 2023:
- Consumers in Europe are more guarded than those in Asia or the US. With the exception of the UK, European consumers are less likely than their counterparts in Asia or the US to believe that most people have good intentions. While trust in most countries was consistent from 2022 to 2023, the belief that most people have good intentions among respondents in metro India rose from 61% in 2022 to 75% in 2023.
- Trust in new brands and organizations is similar across geographies. Respondents in metro India were most likely to agree that they are slow to trust new companies or brands they encounter (65%). In contrast, respondents in metro China were least likely to be cautious (22%).
- Personal networks reign supreme as the most trustworthy information source. Across all geographies, the largest share of respondents trust family members to follow through on their promise. In most cases, family was followed closely by friends; however, respondents in metro India and Singapore were more likely to trust companies that have existed for a long time or their employer than their friends.