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NACS Online > News & Media Center > Global Convenience Store Focus > April 2009 Issue > Rebuilding trust will be crucial for food safety, says Mintel
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Global Convenience Store Focus
Page Content Trust-building is poised to emerge as the paramount concern for America in 2009 and will span areas as diverse as food safety and finance, according to the research company Mintel.
“In the first two months of 2009, we’ve already seen the dire need to rebuild trust in America,” said Joan Holleran, director of research at Mintel.
“From government changes to food safety to struggling financial institutions, the American public’s trust has been broken repeatedly in recent months. Rebuilding this trust is crucial for business success, consumer confidence and overall economic recovery.”
Holleran said institutions would need to work much harder to gain people’s trust. “Many Americans had their confidence dashed by failed expectations, and they’re also spending less because of the recession. Companies need to develop trusting, honest relationships so they can get shoppers’ precious dollars.”
In November 2008, Mintel forecast ‘Rebuilding Trust’ as a key trend for 2009. Now as the year starts to unfold, the market researcher has identified five areas where trust-building will be crucial:
Government: from corruption in Illinois politics to a new president to a broad, intensive economic stimulus plan, political leaders will have to devote substantial energy to rebuilding trust with constituents this year, says Mintel. Many Americans feel anxious and skeptical, so elected officials will need to earn their confidence to lead the nation to recovery, it says.
Food Safety: the recent peanut butter safety scare has made many people wary of even the most common food products, says Mintel. Even foods traditionally viewed as ‘safe’, including organic and kosher, are going to be viewed in a new light, it adds. Organic foods are not immune to outbreaks of e-coli, for example; and while Mintel research shows 34% of kosher food buyers purchase for food safety reasons, the recent demise of kosher processors Agriprocessors and Peanut Corporation of America clearly indicate kosher certification doesn’t guarantee food safety.
Finance: as the catalyst of the economic fallout last year, the financial sector has the furthest to go in regaining consumer trust, says Mintel. Banks, credit card issuers and lenders need to clean up their books and communicate openly to regain the people’s faith. Mintel reports only 28% of high net worth adults say they’re relying more on financial advisors because of the economy. “The current financial market presents a substantial opportunity to advisors who can gain investor’s trust,” said Holleran.
Automotive: in asking for their own bail out, US car manufacturers lost the confidence of many Americans. Still, Mintel data shows half of US drivers say their primary vehicle is American-made. By keeping consumers aware of production and development goals, Mintel claims domestic car manufacturers can begin to restore faith in their brands and truly compete with foreign players.
Green: though green markets have grown quickly, reduced consumer spending and doubt over corporate ‘greenwashing’ may impact sales in the future, warns Mintel. “In a recent survey, three in five respondents said they were skeptical over many companies’ green marketing claims,” said Holleran. “Green manufacturers need to clarify their environmental efforts and communicate their eco-effects, so shoppers can trust that they’re truly benefiting the environment,” she said.
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