Corporations found themselves making huge promises of substantial support of the Black community following the social justice uprising in the summer of 2020. Two years later, some companies have kept their word, others haven’t and their consumers are hitting them where it matters: their pockets.
5W Public Relations has released their 2022 Consumer Culture Report, revealing in the last year 36% of consumers have changed the way they spend on brands to Black-owned businesses.
Purpose-driven purchases were the leading areas of focus, with consumers favoring spending on: Small, Local and Minority-Owned Businesses (46%), Charitable Support i.e. Pink Products for Breast Cancer Awareness donations (32%), Environmental Protection & Sustainability (31%) and Animal Rights (31%).
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“Our previous reports revealed younger generations have always shown an interest in aligning themselves with companies that support their ideologies,” said 5WPR Consumer President, Dara A. Busch in a news release. “This year, we’ve unveiled that not only are younger generations aware that where they spend their money has a greater impact, but all consumers are playing an active role in seeking out this information. This should be reassuring for brands looking to place more of an emphasis on their sustainable practices—that not only will consumers know they’re taking these extra steps, but also reward the companies for doing so by purchasing with them.”
The data was gathered by Censuswide, with 2,002 respondents aged 16+ across the USA between November 18, 2021 and November 22, 2021. The survey was conducted from a nationally representative of American adults.
The report also revealed that 70% of all consumers surveyed do their own research on a company CSR standing and whether they’re products are ethically and sustainably sourced before making a purchase. 14% of those surveyed take it upon themselves to research every time they intend to make a purchase.
The survey’s finding reflected that Gen-Z consumers are taking ethics-based spending the most serious with 82% responding they research companies they plan to purchase from. When it comes to consistency, 26% of consumers aged 35-to-44 take it upon themselves to research the company every time they make a purchase, more often than other age groups when asked the same.
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