Your kindergarten teacher told you so, we’ve told you so, and now a major survey is telling you so: honesty is the best policy.
A new report from Cohn & Wolfe, From Transparency to Full Disclosure, which is based on consumer research of 3,000 adults across the UK, USA and China, reveals that consumers in three of the world’s biggest markets rate “honesty and transparency” alongside price and quality when considering whether to buy a product or brand.
Consumers in all three markets are now demanding that major brands be open and transparent about many issues, especially quality and safety. A total of 67% of those polled want to see how companies comply with product quality and safety standards, with 73% of Chinese respondents demanding such information.
Here are some of the other numbers that jumped out at us:
- In the past year, the amount of UK consumers rating transparency as an important factor in their purchasing decisions has jumped from 53% to 66%. Amongst Chinese consumers, transparency and honesty is now considered even more important than price (79% vs 65%).