The position of Australia’s most trusted brand has been taken over by household hardware chain Bunnings, displacing supermarket giant Woolworths after a tumultuous year. According to Roy Morgan’s latest report, Woolworths fell to second place in the ranking, losing its top spot that it held for three and a half years. Coles also dropped from 3rd to 5th place, while Aldi rose to 3rd place.
The CEO of Roy Morgan, Michele Levine, pointed to increased distrust in corporations among Australians in 2023, citing reasons such as profiteering behaviors, unaffordable prices, dishonesty, unethical practices, and poor privacy policies. In contrast, Bunnings was commended for its efforts to earn consumer trust, especially during a challenging economic climate.
Toyota was the only car manufacturer in the top 10 most trusted brands, climbing to 7th place. Apple, Big W, and Australia Post maintained their positions during the period, while Optus remained Australia’s most distrusted brand. The rankings were also occupied by other media giants and telcos like Telstra, News Corp, TikTok, and Facebook/Meta.
Woolworths faced a year of upheaval marked by fluctuating performance. Despite posting a 4.6 percent increase in net profit, the company was accused of price-gouging, prompting investigations. Controversial decisions, such as not stocking Australia Day products and CEO Brad Banducci’s resignation, added to the challenges faced by the supermarket chain. With ongoing investigations in the supermarket sector, Woolworths continues to navigate a complex business environment.