How, if at all, should they seek to benefit from consumers’ apparent desire to reward companies for their corporate social responsibility efforts?
Younger generations appear to be split on whether brands and retailers should be promoting their eco- or socially-conscious credentials.
According to a survey from early January of more than 2,200 U.S. adults from Morning Consult and PRWeek, 41 percent of Millennials like it when brands show off their commitment to issues that go beyond their own bottom line, while 39 percent think companies are trying too hard to make it look like they care. Gen Z respondents are equally split on the issue.
Older generations are more cynical. Some 46 percent of Baby Boomers and 42 percent of Gen X feel that companies “try too hard” in such cases versus 35 percent of Boomers and 33 percent of Gen X who like brands that “show off their commitment.” In the past, Boomers and Gen Xers had regularly called out the practice of “greenwashing” in which companies were accused of exaggerating their eco-friendly efforts.
The findings come as other surveys show consumers increasingly linking their purchasing decisions to brands’ social responsibility efforts:
- According to the 20th annual Edelman Trust Barometer, 64 percent of respondents identified themselves as “belief-driven buyers.”
- Fifty-three percent of Millennials are willing to pay a premium of 10 percent or more for socially responsible brands, according to Roth Capital Partners’ 2020 Millennial Survey.
- Brands Should Be Wary of Bragging About Doing the Right Thing, Polling Shows – Morning Consult
- Should Brands Brag About Doing Good? – MarketingCharts
- ROTH Capital Partners Releases its 2020 Millennial Survey – ROTH Capital Partners
- 2020 Edelman Trust Baromete