AUSTRALIANS place more trust in brands like Google, Apple and Ikea, while former leaders like Qantas are losing credibility.
Many of Australia’s top brands are on the decline in consumers’ minds, with one in five plainly heading the wrong way, according to the latest Brand Asset Valuator (BAV) report.
''The bar for leadership has risen and the need for innovation is too often sacrificed in the pressured quest for sales,” BAV director Keith Newton said.
''Trust in brands has declined 22 per cent in the last two years with financial services, insurance, retailers and utilities bearing the brunt of consumer anger in response to constant price hikes, confusing offers and lack of customer service.''
Newton believes many brands are failing to protect themselves from ''own brand'' threats as leading companies branch out into other markets.
“The leading supermarkets are strong brands, and so are their better ''own label'' offerings,’’ Newton said.
''Once their product marketing improves, the brands that have failed to build brand strength will really feel the heat, and those who play close to a commodity game will be hurt even more by the home brand price offerings.’’
PayPal, Youtube and Subway are some of the brands that Australians believe have a strong future while Dairy Farmers, OPSM and Kodak have all seen a consistent decline in consumer trust over the past five years.
Australia’s top 12 brands of the future:
- Google
- Apple
- Ikea
- PayPal
- Youtube
- Microsoft
- Windows 7
- eBay.com
- Wii
- Dyson
- Vegemite
- Subway
Some of the bigger brands that have seen a consistent decline in trust over the last five years:
- Qantas
- Dairy Farmers
- Kodak
- OPSM
- Mr Sheen
- Dymocks
- Levi's
- Meadow Lea