Is brand purpose overblown?
Consumers say they want companies to act ethically, but not many are willing to alter their purchasing habits — or sacrifice comfort for convenience.
There is a growing body of research that says consumers care about their world and the impact businesses have on it. According to a Sogeti Cap Gemini study, “79% of consumers are changing their purchase preferences based on social responsibility, inclusiveness, or environmental impact.”
Specifically about the environment: An IBM study reveals that “Nearly six in 10 consumers surveyed are willing to change their shopping habits to reduce environmental impact. Over 70 percent would pay a premium of 35 percent, on average, for brands that are sustainable and environmentally responsible.”
Consumers are also socially “woke” about how brands and businesses behave. Deloitte found that “62% of customers said that they are more likely to spend with companies who have taken extra steps to ensure the safety and wellbeing of their employees during lockdown.”
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