That's what Boston-based Cone has concluded in its most recent study: 2013 Cone Communications Social Impact Study.
Here are some highlights from the study:
Consumer demand for cause is at an all-time high
- 54% of U.S. consumers bought a product associated with a cause over the last 12 months, increasing 170% since 1993.
- 89% is likely to switch brands to one associated with a cause, given comparable price and quality, jumping nearly 35% since 1993.
- 91% want even more of the products and services they use to support cause.
- 88% want to hear how companies are supporting social and environmental issues.
High demand comes with high expectations for impact – doubts about corporate impact persist
- 16% of Americans believe companies have made significant positive impact on social or environmental issues.
- 25% believe their own purchases substantially influence those issues.
Multicultural consumers emerge as critical stakeholders, with Hispanics leading the way
- 94% of Hispanics are likely to switch brands to one associated with a good cause (vs. 89% of the general U.S. population).
- 42% of African Americans are “very likely” to switch brands to one associated with a good cause (vs. 37%).
- 70% of Hispanics have already donated to causes this year (vs. 65%).
Millennial consumers respond when companies support social and environmental issues
- Millennials respond with increased trust (91%) and loyalty (89%), as well as a stronger likelihood to buy those companies’ products and services (89%).
Of course, technology is a key driver in how Millenials let their friends know what good they and others are doing good! Check out this latest infographic from A Platform for Good.
Related Pinterest Board: Cause Marketing Stats & Research