Consumers Increasingly Expect Companies to Take an Active Interest in Solving Social Problems
Socially conscious business models are expected by many customers, especially younger ones.
Jun 9, 2021Updated 9 days ago
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Increasingly, consumers expect their companies to engage with top social issues in their communities. For millennials and Gen-Z in particular, this is a non-negotiable.
And the data bears that out. The consultancy Porter Novelli found that 66 percent of Gen Zers "believe it is no longer acceptable for companies to be silent on social justice
issues." And a whopping 72 percent of Gen Zers "believe companies have more responsibility than ever before to address social justice issues."
Another study from Georgetown found the same to be true for millennials. This generation accounts for some $1 trillion in annual consumer spending, and for them, the social responsibility of companies is top of mind. Some 81 percent said they "expect companies to make a public commitment to good corporate citizenship.” And 73 percent were even willing to pay more for sustainable products.
As the authors of the study wrote: "By almost any measure, Millennials place a premium on corporate social responsibility (CSR) efforts."
Lisa agrees with this fact based on:
Data from studies bear this out.
PORTER NOVELLI PURPOSE TRACKER, WAVE IX: GEN Z JOINS THE SOCIAL JUSTICE MOVEMENT
Corporate Social Responsibility Matters: Ignore Millennials at Your Peril
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