New research shows that consumers demand stronger commitment to Corporate Social Responsibility.
New research released by online training and implementation program BePartnerReady.com and Di Marzio Research shows that despite the turmoil in the economy created by COVID, rising unemployment and lockdowns, consumers are insisting that companies and brands do more.
The research report entitled ‘The Conscious Consumer era arrives. Finally’ reveals that almost half of Australians feel let down by corporates who are failing to meet their societal obligations, and 2 in 3 Australians believe that corporates should be doing more to solve societal problems in tough times.
“During COVID consumers have reflected on the kind of world they want to live in, and realised that the most powerful weapons they have to create positive social change are their voices (through petitioning and campaigning on social media), and their wallets,” says Hailey Cavill-Jaspers, author of the report.
Almost half of Australians say they will switch from their normal brand to another brand if it supports a charity, and in the past year, one-third of Australians have actively boycotted a company or brand with a poor record of social responsibility.
While Millennials (people aged 25-39) have long been the trailblazers of the conscious consumer movement, what’s shifted significantly is the attitude of Generation X (people aged 40-55) and Baby Boomers (aged 56-73).
This report confirms that the conscious consumer movement is now mainstream, as customers from across Australia and all age groups, are demanding that corporates and brands actively engage in solving societal problems. Non-profits and social enterprises are well positioned to help them achieve this, so there’s a great opportunity for them to form genuine, long term mission-driven partnerships with the corporate sector in the coming year.
The response expected in 2021 are more companies and brands seeking to embrace Corporate Social Responsibility and the Triple Bottom Line model and more corporate-charity partnerships that fulfil societal as well as business goals.
The study also reveals Australians’ intention to switch brands to support a cause in the future, and the top six causes that motivate consumer switching behaviour.
“This report is compelling evidence that conscious consumerism is now mainstream and that companies cannot continue to focus on just financial performance. Non-profits have a unique opportunity to help reshape the role of businesses in society, which is very exciting,” Hailey says. “More than ever non-profits must clearly articulate the problem they solve and demonstrate they’re professional and adaptable, because this is what corporates and brands will be seeking, along with mutual benefit” concludes Hailey.