For the first time since the end of the Great Recession, trust in business faltered in the last year, signaling the finale of an era of recovery for business.
Trust levels in business decreased in 16 of 27 countries. The majority of countries now sit below 50 percent with regard to trust in business.
Technology remains the most trusted of all industry sectors at 78 percent. However, declines across all technology-based industries were evident in 2015. Privacy and security breaches have weakened trust in both technology products and the sector. Across 74 percent of countries, trust in the consumer electronics sector fell. In 67 percent of countries, trust in telecommunications decreased and in 70 percent of countries trust in technology in general sank. The chemicals, financial services, banking and media industry sectors continue to be the least-trusted, with trust levels below 60 percent for all four.
Trust in a particular industry sector does not, however, assure trust in that industry’s particular innovation. As case in point, while the technology industry carries far greater trust than the financial services industry, the financial services industry is slightly more trusted to develop and implement electronic payments than the technology industry is trusted to develop and implement cloud computing. And while the food and beverage industry has a 67 percent trust level, trust plummets to 35 percent when it comes to the public’s confidence in the industry to develop and implement genetically modified foods.
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