UK: Consumer trust is "new currency" for business - Treasury Wine Estates
Treasury Wine Estates has identified 'trust' as a key aspect for consumers
The idea of generating "trust" among consumers is now a key focus for marketers in light of the UK's horse meat scandal, according to Treasury Wine Estates (TWE).
Speaking at a press briefing in London today (15 March), Nicola Frinneby-Wake, TWE's senior category insight manager, said that the horse meat scandal could be just the “tip of the iceberg” in terms of the erosion of consumer confidence in all sectors. "You can't do business without trust, and some people are terming this the new currency, it can make or break a business," she said.
But, Frinneby-Wake suggested that companies with recognised brands could benefit. “Brands can play an important part in establishing trust,” she said.
TWE also flagged the increasing polarisation being seen in the wine industry, with premium and budget brands performing well, while brands in the middle get left behind. “The middle ground is being lost,” said Frinneby-Wake.
Late last month, Treasury posted a marked slide in half-year net profits, with volumes dipping slightly in the six-month period.
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