BrandSpark International Announces Most Trusted Service, Retail, App brands in Canada

Trust in finance & retail companies is of increased importance as year 2 of the pandemic comes to an end

TORONTO, Oct. 19, 2021 /CNW/ - Today, leading market research firm BrandSpark International announced its 9^th annual BrandSpark Most Trusted Awards (BMTAs) winners in Finance & Insurance, Health & Fitness, Retail & Restaurants, Telecom & Home, Travel, and Apps & Websites as voted by Canadian shoppers. In one of the largest studies of its kind, BrandSpark surveyed 7857 Canadians to capture their honest opinions of what brands they trust most and the reasons for their trust across 64 unique categories.

Finance, Insurance, and Retail
As the world approaches the end of year two of the pandemic, many Canadians have been reviewing their personal finances. BrandSpark expanded its study to include 10 new Finance & Insurance categories in the 2022 edition. Adam Bellisario, Associate Vice-President of the program said, "Many Canadians were negatively affected by the pandemic, but savings rates actually increased. Knowing which finance and insurance brands other Canadians trust the most can help Canadians make smarter decisions on personal finances."

Government restrictions transformed the retail industry and heightened consumer cautiousness. The study added 9 retail categories where trust will have enhanced relevance as shoppers return to brick & mortar establishments more frequently. Robert Levy, BrandSpark International President, says, "Most consumers want to avoid or minimize contact with others, so it is crucial that retail and restaurant brands build trust, which might include showing exactly how they have consumers' safety in mind as well as why an in-person visit is worthwhile."

The annual BrandSpark Canadian Shopper Study found that price sensitivity is at its lowest point in recent years across the majority of categories.  More Canadians increasingly value premium quality products as savings on travel, dining and in other areas have helped shoppers justify paying more for better brands elsewhere. Consumers are trading up more often but still want to ensure they are making smart buying decisions" says Levy. "Buying brands they know are highly trusted by others increases the likelihood that they will deliver a great experience."

Why is trust important?
BrandSpark has found that when consumers trust brands more, they buy them more often and are willing to pay a premium. Brands can build trust by focusing on eight key trust drivers identified by BrandSpark: Quality, Fair Prices, Recommendation, Innovation, Customer Support, Values, Transparency, and Heritage. "Trust is important because it builds loyalty and engagement between consumers and brands; everyone benefits when building trust is prioritized" confirms Philip Scrutton, Vice-President Shopper Insights, BrandSpark International.  "The BrandSpark Canadian Shopper Study showed that 75% of shoppers trust consumer voted awards. Since the BrandSpark Most Trusted Awards are completely determined by consumers, they  provide a consensus of trust which allows consumers to shop smarter and encourages purchasing those brands that are most trusted," says Scrutton.

5 Notable Winners from the 2022 BrandSpark Most Trusted Awards.

1. Most Trusted Ride Sharing App ? Uber secured the highest share of trust of any brand in the study at 78%, and highest margin over the next closest competitor at 69%.
   
   
2. Most Trusted Airline for Cleanliness ? Air Canada won this valuable honour as Canadians take to the skies more frequently and want to ensure a clean and safe flying experience.
   
   
3. Most Trusted Cryptocurrency Exchange ? Coinbase dominates this new space which has 
   garnered major interest but is still establishing trust with investors.
   
   
4. Most Trusted Tax Preparation Software ? Turbotax has helped many Canadians file their taxes from the comfort of their home.
   
   
5. Most Trusted Short-term Rental Site ? Airbnb is the most trusted Short-term Rental Booking Site with a 47% trust share. As consumers are more willing to travel again we can expect a rebound in rental bookings from consumers remembering who they relied on pre-pandemic.

The winners and how they are determined
The 2022 BrandSpark Most Trusted Awards winners are listed below. The brand voted most trusted is listed as Gold. The brand(s) listed as Silver and Bronze are considered "Top Ranked", having garnered a top 3 trust share in the category. Ties are indicated where applicable with those brands listed alphabetically.

7857 Canadian shoppers determined the BrandSpark Most Trusted Awards winners for 2022 through their top-of-mind unaided responses for categories in which they shop. The results are ranked based on the greatest volume of mentions as the most trusted brand in the category (ties are declared if the margin of victory is within 3%). Brands must receive minimum 10% trust share to be eligible to be recognized.

About BrandSpark International
Founded in 2001, BrandSpark International is a research and consulting firm that provides brands with the insights they need to understand the omni-channel shopper, refine their strategic brand positioning, build consumer trust and improve the success of their new product launches. BrandSpark Marketing Services runs major awards programs the Best New Product Awards and the BrandSpark Most Trusted Awards, and Shopper Army, a digital shelf platform providing the most trusted incentivized Ratings and Reviews for brands.

Permission and authorization is required to reference the BrandSpark Most Trusted Awards win or use the claim or logo.

SOURCE BrandSpark International