Consumers Are Declaring Their Social Values Through Purchase Decisions

78% of consumers said they made a purchase decision based on values in the past year.

Here’s one clear takeaway about social values after a year of tumult: Consumers are listening. There is a heightened public awareness about where brands stand on a variety of topics, and consumers across all demographics are increasingly invested in their values.

According to SurveyMonkey’s March 2021 study of 1,097 U.S. consumers, 46% of respondents said they care much more about social values today than they did a year ago.

That’s good news for brands who have taken steps to support diversity, equality and inclusion (DEI) and are committed to action. The velocity of social change in 2020 was meteoric and consumers are demanding that companies keep pace.

“To stay on top of consumer sentiment on DEI, companies need to expand what they measure so they can see the total picture,” says Antoine Andrews, SurveyMonkey’s chief diversity and social impact officer.

For forward-thinking brands, DEI is more than a moment; it’s a long-term proposition. Companies need to stay agile to reach their goals and adapt to world events. It’s a process, not a destination, and one that requires constant attention.

Respond to consumer demands

There are hundreds of examples of companies that have been both praised and vilified for their DEI policies and decisions, polarizing their customer base. From Nike to Target, major brands have shown how DEI decisions can have a direct impact on a company’s bottom line.

Our studies find that consumers are very willing to align with brands that support their beliefs. According to our research, 78% of consumers said they made a purchase decision based on values in the past year.

In addition, 55% of consumers polled said they are much more likely to purchase from a company that shares their values. Conversely, only 4% of consumers said it was not important that a company they purchase from share their values....

"Consumers Are Declaring Their Social Values Through Purchase Decisions—Are You Listening?" - https://www.adweek.com/sponsored/consumers-are-declaring-their-social-values-through-purchase-decisions-are-you-listening/

By Pri Carr, GM Market Research Solutions, SurveyMonkey