It’s been said again and again that millennials want to buy from brands that are authentic and do more than just concentrate on making money. Turns out millennials aren’t the only consumers who think this way.
According to Cohn & Wolfe’s 2017 Authentic Brand study consumers across the board value brands that are authentic. Globally, 91 percent of consumers said they are willing to reward a brand for its authenticity by recommending the brand to friends or buying the product. More specifically, 62 percent said they would either purchase a product from that brand that they deem to be authentic or express greater interest in buying from that brand in the future.
“Consumers are savvy. They understand that brands and companies need to make money, but particularly among millennials there is no reason why a brand can’t make money and also take into consideration the impact it will have on the communities and the people that the brands and companies are in, their customer base,” Lynn Fisher, evp, global director of the brand and insights group at Cohn & Wolfe, said. “They expect brands to make money but also contribute to making the world a better place.”
Cohn & Wolfe unveiled the top 10 most authentic brands during Advertising Week, but today unveiled all 100 brands that people trust most across the world. Tech brands dominated the top 10 (with Amazon, Apple, Microsoft, Google and PayPal rounding out the top five) but the list features marketers from all categories and includes names from Ikea to Lexus.
Here’s the full list:
Cohn & Wolfe surveyed over 15,000 consumers in 15 markets to compile its list for 2017.
“It’s not only about how a brand has stood the test of time. It’s also about how much a brand is demonstrating a commitment to making things better going forward. Consumers are looking for cues that a brand is not only interested in making money but interested in improving people’s lives,” Fisher added.
When comparing the U.S. to other markets, especially China, Cohn & Wolfe found that consumers tend to be less open minded about finding and trusting new brands. Sixteen percent of consumer in the U.S. are likely to characterize brands as “open and honest,” compared to 43 percent in China.
“In Asia there seems to be open mindedness and just overall they seem to be associating brands and companies with more positive intentions and opening up to new opportunities associated with growth and expansion. Mature markets like the U.S. and U.K. are more focused on brands that have proven themselves in their own market,” added Fisher.