Which brands do you trust? Well, Roy Morgan thinks it knows.
The independent Australian social and political market research and public opinion statistics company has used new data from more than 20,000 Australians to rank the most trusted and distrusted brands in Australia.
According to the release, there has been no change at the top with Woolworths Group Ltd (ASX: WOW), Coles Group Ltd (ASX: COL), and Bunnings, owned by Wesfarmers Ltd (ASX: WES), taking the top three spots again this quarter. That's good news for shareholders of these ASX blue chips.
However, while Woolworths has cemented its position at the top, Roy Morgans notes that Coles is losing ground on its rival. In fact, it suspects that the supermarket operator could lose second spot to Bunnings in the near future.
This wouldn't be a surprise to anyone who uses TikTok. Both Coles and Woolworths are being hit hard on the social media platform due to the rising cost of products on their shelves. This has led to the old Feeding Your Family for Under $10 adverts from Coles turning into a meme.
Surprisingly, despite its cheap prices, Wesfarmers' Kmart brand has taken a hit and dropped to fifth position, with discount supermarket Aldi leapfrogging the retailer.
Rounding out the top ten are Apple, Woolworths' Big W brand, Myer Holdings Ltd (ASX: MYR), Toyota, and Australia Post in tenth position.
What about the banks?
Bendigo and Adelaide Bank Ltd (ASX: BEN) is another ASX blue chip that ranks high with consumers. It is Australia's most trusted bank in 16th position.
However, it is worth highlighting that Australia's largest bank, Commonwealth Bank of Australia (ASX: CBA), is making ground on its rival. CBA moved up three positions during the quarter and now sits just behind Bendigo Bank as Australia's 17th most trusted brand.
What's at the bottom?
At the other end of the list are a number of ASX blue chips. This includes Telstra Group Ltd (ASX: TLS) as the third-most distrusted brand in Australia, News Corporation (ASX: NWS) in fourth position, Medibank Private Ltd (ASX: MPL) in sixth position, and Harvey Norman Holdings Limited (ASX: HVN) in seventh.
Rio Tinto Ltd (ASX: RIO), AMP Ltd (ASX: AMP), Qantas Airways Limited (ASX: QAN), and AGL Energy Limited (ASX: AGL) also feature in the top 20.
So, what is the most distrusted brand in Australia? Well, that (dis)honour goes to telco Optus, which has overtaken Facebook to take the top spot this quarter.
