The majority of consumers globally prefer buying from brands that take a stand on issues they care about, and are ditching those that don’t, according to Accenture Strategy.
Companies that take a meaningful stand on principles such as health and wellbeing, natural ingredients, environmental sustainability and family connections are more likely to attract consumers and drive purchasing decisions, says Bill Theofilou, senior managing director, Accenture Strategy.
“Many companies have neglected to convey purpose due to complacency, lethargy or the fear of polarizing people, which has allowed smaller players to rise.”
Accenture Strategy’s latest Global Consumer Pulse Research includes insights from nearly 30,000 consumers from around the world (including 2,000+ U.S. consumers).
Nearly two-thirds (63%) of consumers prefer to buy goods and services from companies that stand for a shared purpose that reflects their personal values and beliefs, and 62% want companies to take a stand on social, cultural, environmental and political issues close to their hearts. Another 62% say their purchasing consideration is driven by a company’s ethical values and authenticity.
Unilever, Ikea and Kind are seeing tangible value from showing a sense of purpose beyond what they sell, according to the full report.
When companies fall short, consumers are quick to ditch them: Nearly half (47%) have boycotted a company as a result of its actions. Two-thirds believe their protest actions (i.e. boycotting or speaking out on social media) can change how companies behave.
Consumers are attracted to companies that care and prefer companies that are committed to using good quality ingredients (76%), treat employees well (65%) and believe in reducing plastics and improving the environment (62%).
Consumers’ voices can change the financial trajectory of companies, says Kevin Quiring, managing director, Accenture Strategy.
“They are more than buyers -- they are active stakeholders who are investing their time and attention and want to feel a sense of shared purpose,” Quiring says in a release. “The winners in this era will not be passive bystanders.”