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Purpose In A World Under Pressure
In a world under pressure, people across the UK desperately want businesses to step up their commitment to purpose.
In a world under pressure, from the Covid-19 pandemic to the cost of living crisis, there’s been plenty of talk about social and environmental issues dropping down people’s list of priorities.
But our latest research report, Purpose In A World Under Pressure, proves that the reverse is actually true: people across the UK desperately want businesses to step up their commitment to purpose.
For example, did you know that nine out of ten people expect brands to focus on social and environmental responsibility in 2024? Or that more than three quarters say they’ll proactively seek out those brands as a result?
At the same time, only one third of the folks we spoke to think brands are currently communicating their purpose effectively: a massive missed opportunity.
Let’s dig a bit deeper into the stats which our research uncovered:
The headline figure? 71% of people said that a brand’s purpose is important to them, despite all the pressures around us right now.
This also translated directly to people’s buying habits: 47% said that a brand’s purpose positively influences their purchasing decisions, while 40% are happy to pay more for products or services from socially and environmentally responsible brands.
And these numbers are only set to grow: defying suggestions that purpose is waning in importance, 44% of people said that global events would affect their view of brands in the next 12 months.
88%, or almost nine in ten UK consumers, expect brands to focus on social and environmental responsibility in 2024.
However, efforts to meet this consumer demand aren’t cutting through: only 33% of people think that companies are communicating their purpose effectively, while 40% want to see brands taking more tangible action, rather than just talking.
So what’s the conclusion here?
Clearly, recent world events haven’t dimmed consumer interest in brand purpose. In fact, people are placing more importance on social and environmental questions than ever.
Committing to purpose is no longer just a nice thing to do, it’s now an essential business strategy. But too many brands are still falling short, and falling to communicate their purpose effectively.
Purpose In A World Under Pressure is an urgent wake-up call: commit to purpose, and you can win your sector. Ignore what your consumers are telling you, and you risk being left behind.
Sound interesting? Drop us a line to find out how we can help make purpose work for you: email@example.com