Why Building Customer Trust Is Even More Important During Economic Hardship Although the consumer trust barometer is not looking good for companies at the moment, you can use this as an opportunity to make lasting relationships with them. Here's how.

Consumers and businesses are experiencing a major trust disconnect. When asked for PwC's 2022 Consumer Intelligence Series Survey on Trust, a healthy 87% of company leaders said consumers trusted them, yet only 30% of consumers reported a high degree of trust in corporations.

That is not a small gap. It is a gulf that may only get wider as inflation and a possible recession looms. Brand-buyer trust is being eroded every day as consumers and pundits blame corporate greed over supply-chain issues for rising profits. Certainly, they have the fuel to support their claims: Plenty of businesses have profited in what has been a tough time for average individuals and families.

Take oil companies like Chevron, Exxon and Shell. They have recently seen their net revenues increase tremendously, with Exxon clocking in at a record-breaking $17.9 billion in quarterly profits. Other brands such as Tyson are having banner years, too. Tyson posted more than $1 billion in quarterly profits in early 2022, all while raising prices on its meat products.