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Why Building Customer Trust Is Even More Important During Economic Hardship

Opinions expressed by Entrepreneur contributors are their own.

Consumers and businesses are experiencing a major trust disconnect. When asked for PwC’s 2022 Consumer Intelligence Series Survey on Trust, a healthy 87% of company leaders said consumers trusted them, yet only 30% of consumers reported a high degree of trust in corporations.

That is not a small gap. It is a gulf that may only get wider as inflation and a possible recession looms. Brand-buyer trust is being eroded every day as consumers and pundits blame corporate greed over supply-chain issues for rising profits. Certainly, they have the fuel to support their claims: Plenty of businesses have profited in what has been a tough time for average individuals and families.

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