Value is put on trust

AFTER a string of cases in which companies have breached the trust of consumers in the past year, a new “trust economy” is emerging, according to a leading consultancy group.

Companies who can assess the level of trust they have among their consumers and capture their trust will prosper, PricewaterhouseCoopers says.

The firm has analysed consumer and advertising spending and trends across 12 areas for its 17th annual Australian Entertainment and Media Outlook report.

It follows a suite of scandals involving corporations across many sectors over the past year. Facebook in particular has come under fire for sharing users’ data, while Australia’s big banks have been criticised at the banking royal commission.