Sweden's Best and Worst-Rated Companies in 2024 – Saab Climbs to the Top, Fast Fashion Remains at the Bottom
T-Media surveyed Sweden’s companies with the best and worst reputations in 2024. Five new companies made it onto the list of Sweden’s most reputable companies: Saab jumped straight to fourth place, tied with Apoteket. Tesla continues its rapid decline on the list of companies with the worst reputations, which is dominated this year by fast fashion.
Reputation&Trust conducted by T-Media in Sweden mapped out the reputation landscape of the business sector in our neighboring country for 2024. IKEA remained in first place after five years of tracking, while the Chinese clothing company Shein continues to fall in the rankings.
The entry of five new companies into Sweden’s top rankings reflects a dynamic and ever-changing world in which public attention shifts rapidly:
“Rapid changes at the top of the rankings are a sign that companies’ reputations are not static. We’re also seeing new industries gaining traction in the Swedish public’s awareness. The results reflect a turbulent world that is shaking up people’s priorities and preferences,” says Alexander Widén, Senior Advisor at T-Media’s Stockholm office, Reputation and Trust Analytics.
From an international perspective, Swedes are more sensitive than their neighbors to changes in an organization’s reputation.
“Swedes are sensitive to corporate reputation, and we act in accordance with our beliefs. We support companies that meet our expectations and penalize those that do not,” Widén continues.
Saab, the largest defense contractor in the Nordic countries, made it onto the list of reputable companies
Ikea, Sweden’s national treasure, remains the most prestigious company. Ikea has held the top spot in the survey for five years now. Aside from the furniture giant’s unshakable performance, there have been significant changes in the list of the most reputable companies. Five new companies have risen to the top of the survey: Apoteket, Saab, Willys, Rusta, and Folksam.
“Just a few years ago, it would have been unthinkable that the defense industry would be at the top of a Swedish reputation survey. Now Saab shares fourth place with Apoteket, which says a lot about our changing worldview,” says Ingrid Landahl Comman, founder of T-Media’s Swedish partner.
Willys and Rusta are newcomers to the list of well-regarded companies, which may reflect the fact that Swedes favor affordable companies during tough times. At the same time, this does not apply to fast fashion, where four companies now occupy the bottom of the list.
“Unlike manufacturers of cheap clothing, retailers of cheap clothing are viewed more favorably. This shows how different industries are evaluated, rewarded, and punished in completely different ways,” says Alexander Widén.
Fast fashion tops the list of companies with a bad reputation
New additions to the bottom of the list of companies with a poor reputation include Temu, Zara, Shell, and Nordea. Swedes ranked four fast-fashion companies as having the worst reputations: Shein, Temu, Zara, and H&M.
“Fast fashion has received a lot of attention this year as an unsustainable industry. The media has featured images of textiles dumped in landfills. Combined with articles about counterfeit clothing and poor working conditions, this media coverage has tarnished the industry’s reputation,” says Ingrid Landahl.
This year's study also shows that the workplace, corporate responsibility, and corporate governance are key factors that strongly influence the public's perception of companies.
“Low-cost clothing companies are struggling with their reputation. Fast fashion is associated with poor durability, low quality, and poor working conditions. This combination undermines both trust and competitiveness,” says Alexander Widén.
Reputation is both an asset and a risk
Tesla's anseende has been exceptionally rapid, and the downward trend has continued this year. In 2021 and 2022, Tesla ranked sixth at the top of the list; this year, however, it ranks sixth on the list of companies with the worst reputations.
“There are both advantages and risks to having a high-profile majority owner. Tesla would never have experienced such a rapid and positive rise in public awareness without Elon Musk, but now he has become a burden on the brand,” says Ingrid Landahl.
Reputation can be a tremendous asset. At the same time, it poses a business risk if stakeholders’ perceptions take an undesirable turn.
“A poor reputation is more than just a matter of image. It erodes the very core of a business. It affects sales, makes recruitment more difficult, and makes it harder to attract investors. anseende means jeopardizing the future,” says Alexander Widén.
This is how we conducted the study
Reputation&Trust, known in English as Reputation&Trust, assesses companies’ reputations and analyzes their impact on stakeholder behavior based on research data. This year’s analysis, the fifth consecutive one for the Swedish market, is based on two distinct phases.
In the first phase, 1,000 Swedes were asked which companies they spontaneously associate with a good or bad reputation.
In the second phase, a total of 30 companies—those most frequently mentioned in Phase 1, i.e., Swedish companies with both good and bad reputations in 2024—were examined. A total of 4,612 Swedes evaluated the companies using Reputation&Trust. A company’s reputation score is calculated as the average of eight different categories. These categories are corporate governance, finances, leadership, innovation, interaction, products & services, workplace, and corporate responsibility. The study used a five-point rating scale (1–5).
Respondents representative of the Swedish population (aged 15–65, weighted by gender, age, and region of residence) also answered questions about their willingness to support companies by making purchases, investing, or seeking employment. This methodology makes it possible to identify a measurable link anseende stakeholder support—that is, a company’s ability to operate successfully and competitively.
Learn more about Reputation and Trust Analytics
Contact us:
SWEDEN
Alexander Widén, Senior Advisor, Reputation and Trust Analytics.
+46 70 471 23 32
alexander.widen@reputationandtrust.com
FINLAND
Harri Leinikka, CEO, T-Media
harri.leinikka@reptrust-staging.fi-p.seravo.com
+358 40 505 5001
