[PRESS RELEASE] - Ipsos Trust Track 2024

The findings from the study reveal:

• In 2024, Malaysians' level of trust towards corporates and institutions declines to 49, indicating a shift from the previous stability at 56 from 2021 to 2023.
• Most industries experience a decline in their trust score, with the airline and QSR industries showing the most significant decline at 17pt.
• Media industry is the only exception with improved trust.
• Conglomerate, private university and hospital industries also experience decline in trust.
• In 2024, Apple emerges as the most trusted entity among the 160+ brands covered in the Trust Track.
• Majority of the incumbents managed to keep its position within their industry/ sectors.

Evelyn Tan, Interim Country Director, Ipsos Malaysia mentions:  

"Our Ipsos Trust Track 2024 data reveals a significant shift in Malaysian consumer trust towards corporations. After three years of stability at 56 (2021-2023), overall trust has declined by 7pt in 2024. This year has seen a continuation of boycotts, impacting trust in corporations.

This decline is widespread, with airlines and Quick Service Restaurants (QSRs) experiencing particularly high trust deficits.  However, there are bright spots. The media industry is a notable exception, showing increased trust levels. Device and e-commerce sectors demonstrated more resilience with a slower decline in trust, amidst a general downward trend observed across other essential services, including utilities, telecommunications, and FMCG.

The automotive industry is also noteworthy, with Perodua, Proton, and Honda ascending to the top 5 most trusted brands, indicating a shift of trust in a challenging year.

Trust is the foundation of a strong corporate reputation. It is important for corporations to continue building trust to strengthen its reputation among Malaysians."