Is brand purpose overblown?

There is a growing body of research that says consumers care about their world and the impact businesses have on it. According to a Sogeti Cap Gemini study, “79% of consumers are changing their purchase preferences based on social responsibility, inclusiveness, or environmental impact.”

Specifically about the environment: An IBM study reveals that “Nearly six in 10 consumers surveyed are willing to change their shopping habits to reduce environmental impact. Over 70 percent would pay a premium of 35 percent, on average, for brands that are sustainable and environmentally responsible.”

Consumers are also socially “woke” about how brands and businesses behave. Deloitte found that “62% of customers said that they are more likely to spend with companies who have taken extra steps to ensure the safety and wellbeing of their employees during lockdown.”

Yet another IBM study in partnership with the National Retail Federation found that “one-third of global consumers—from Gen Z to baby boomers (ages 18 to 73)—would abandon even their favorite brand if it doesn’t align with their personal values. They will pay more, and even change their buying habits, for brands that do.”

That’s a lot of business at risk.