Supermarket giant Woolworths has lost its position as Australia’s most trusted brand to household hardware chain Bunnings following a year of upheaval.
Woolworths slipped to second place among Australia’s most trusted companies in the 12 months to December 2023, after holding the top spot for three and a half years, according to market research firm Roy Morgan’s latest report.
Its rival, Coles, also fell from 3rd to 5th place in the ranking, while Aldi, another supermarket chain, rose one place to the 3rd position.
Roy Morgan CEO Michele Levine cited increased distrust in corporations among the Australian population in 2023 as consumers were disappointed with profiteering behaviours, unaffordable prices, dishonesty, unethical practices, and poor privacy practices.
In contrast, Bunnings was praised for its efforts to gain consumer trust, particularly amid a challenging economic environment.
Toyota was the only car manufacturer to make it to the top 10 most-trusted bands, climbing one place to 7th.
In contrast, the rankings of Apple, Big W, and Australia Post remained the same during the period.
Optus continued to be Australia’s most distrusted brand after a series of incidents in the past few years that caused its reputation to plummet.
In second place was Facebook/Meta, while flag carrier Qantas dropped one place to third.
A Year of Upheaval
This research comes after Woolworths experienced a tumultuous year marked by fluctuating performance.The CEO defended his company’s business practices and quit the interview halfway when he was pressed with questions about price-gouging, an allegation he rejected.
Currently, there are several investigations into the supermarket sector, one of which is headed by the Greens Party and another by the consumer watchdog.