Trust in Woolies and Coles plummets following Senate inquiry into price gouging

Accusations of price gouging and prioritising profits over customers have soured the reputation of our once cherished two major supermarkets, new data claims. 

According to a report by Roy Morgan, Coles has plummeted from Australia’s fifth most trusted brand to become the 9th most distrusted brand on the list. Meanwhile, Woolworths, once consumers second most trusted brand, now sits at 34th place.  

The report comes after a Greens-led Senate inquiry called for price gouging to be a criminal offence in terms similar to the European Union provisions. 

While Aussies are feeling the pinch of the cost-of-living crisis, Woolworths and Coles reported a staggering combined $80 billion in revenue for the 2023 financial year. However, Woolworths’ share price has fallen 22.5% since mid-June last year.