In recent years, big business has experienced a steep decline in public trust, a trend that threatens not only corporate bottom lines but even the stability of the broader economic ecosystem. From Wall Street to Silicon Valley, corporations are increasingly viewed with suspicion, resentment and outright hostility.
This trend isn’t new, but it has accelerated in recent years. Several factors contribute to this, including corporate layoffs, staffing shortages, ethical scandals, rising prices for essential goods, resentment over CEO pay and return-to-office mandates. The list goes on.
The Data: A Bleak Picture of Public Perception
It almost certainly reached the lowest point to date after the murder of United Healthcare CEO Brian Thompson in December 2024. An Emerson College poll taken in the immediate aftermath showed just 68% of all respondents said the act was unacceptable. Consider this: Only two out of three people said the cold-blooded murder of a company CEO was unacceptable.
The sentiment among younger demographics is even worse. Among respondents aged 18-29, 24% said the shooting was “somewhat acceptable” and another 17% said it was “completely acceptable.”
Chalking this up to singular disdain for the health insurance industry would be a mistake. In the most recent Edelman Trust Barometer, four out of ten (40%) of all respondents said they approve of “hostile activism” to bring about change across institutions. The numbers are even higher among those aged between 18 and 34 (53%), while for those between 35 and 54, the number drops to 41%. It’s only when you get to the oldest cohort that the numbers drop significantly, with those 55 and over at 26%.
That hostile activism includes acts such as online harassment (approved by 27%), intentionally spreading disinformation (25%), threatening or committing violence (23%) and damaging private or public property (23%).
If this data doesn’t alarm you, it should. This perception isn’t a fleeting anomaly—it’s a deeply rooted sentiment backed by data, with far-reaching consequences for businesses, policymakers and society at large. To address this crisis, trade associations and corporations must take decisive steps to rebuild credibility and foster genuine goodwill. Here’s why this matters and what can be done.
The numbers continue to paint a stark reality. According to last year’s Trust Barometer, only 54% of global respondents trust businesses, a figure that has stagnated or declined in many markets over the past decade. In the U.S., trust in business dropped to 49%, with only 36% of Americans believing companies act responsibly. Gallup’s 2023 Confidence in Institutions survey is even more damning: just 17% of Americans have “a great deal” or “quite a lot” of confidence in big business, placing it near the bottom of the list, above only Congress, an institution not exactly known for widespread admiration. Compare this to small businesses, which enjoy a 65% confidence rating, and the disparity is glaring.
This distrust isn’t abstract—it’s tied to specific grievances. A 2023 Pew Research study found that 72% of Americans believe large corporations have too much influence on politics, while 69% say they prioritize profits over the public good. Add in wage stagnation (U.S. median wages grew just 1.2% annually from 2000–2020, per the Bureau of Labor Statistics, while CEO pay soared 1,460%, per the Economic Policy Institute), and it’s no wonder the public sees big business as a self-serving, unaccountable monolith.
The Consequences: Beyond PR Nightmares
This erosion of trust isn’t just a reputational headache—it poses material and even existential threats.
- Regulatory Scrutiny: When public trust evaporates, governments step in, often with blunt instruments that stifle innovation along with malfeasance. In 2024 alone, the U.S. saw bipartisan support for antitrust actions against tech giants like Google and Amazon, with the FTC reporting a 40% uptick in corporate investigations since 2020.
- Consumer Behavior Shifts: A 2023 NielsenIQ report found that 66% of global consumers are willing to pay more for brands they perceive as ethical, while 55% have boycotted companies they distrust. Take Nike’s 2021 supply chain controversy: allegations of forced labor in China led to a 12% drop in its stock price over six months as boycott campaigns gained traction.
- Talent Acquisition Challenges: Distrust also hampers talent acquisition. In fact, LinkedIn’s 2024 Workforce Confidence Index revealed that 62% of professionals prefer employers with strong social responsibility records, leaving mistrusted firms scrambling for skilled workers.
Perhaps most alarmingly, this cynicism risks destabilizing capitalism itself. 66% of Americans, according to a Pew Research study, believe the economic system needs major changes or complete reform, signaling a decline in faith in free markets. Left unchecked, this could bolster populist movements—on both the left and right—that promise to dismantle corporate power, often with unpredictable economic fallout.
The Path Forward: Action for Trade Associations and Corporations
Reversing this tide requires the end of complacency and sitting on the sidelines—it demands structural change and authentic engagement. Trade associations and corporations must lead the charge. Here’s how:
- Transparency as a Cornerstone: Though the term Environmental, Social and Governance (ESG) has become controversial, companies must not shy away from discussing their impact on society. Trade associations like the U.S. Chamber of Commerce could model, encourage and even mandate annual “trust reports” from members, detailing commitments, results and even shortcomings. PwC’s 2023 Global Consumer Insights Survey found that 70% of consumers want to buy from brands that disclose more about their operations.
- Increase Community Investment and Engagement: Corporations should step up their funding of local infrastructure, education and healthcare—tangible benefits that counter the “profit-first” narrative. Trade associations should highlight and champion their members’ measurable community outcomes.
- Amplify Small Business Ties: The public loves small businesses—big firms should leverage that. Talk about business relationships you have with small vendors. Trade associations can broker partnerships, like co-marketing or supply chain integration, to blur the lines between “big” and “small.”
- Own the Narrative: Corporations should stop ceding the conversation to critics. Trade associations absolutely must lead by launching campaigns showcasing industry contributions—like jobs created or innovations delivered—backed by hard data. The National Association of Manufacturers’ 2022 “Creators Wanted” initiative, which reached 1.3 million young people with stories of factory-floor impact, offers a blueprint.
Conclusion: A Trust Deficit Too Big to Ignore
Big business faces a trust crisis that’s neither fleeting nor unfounded. The data is clear: the public now see corporations as powerful, unaccountable and disconnected. The consequences—regulation, boycotts, talent shortages and systemic risk—are already here. But this isn’t a death sentence—it’s a wake-up call. By embracing transparency, investing in communities, partnering with small businesses and reclaiming their story, corporations and trade associations can rebuild trust. The alternative—doubling down on silence or complacency —only hastens the reckoning. The clock is ticking, and the stakes couldn’t be higher.