There’s been much talk in the advertising/marketing world of brands who take a political or social standpoint. Should brands be vocal about their views or do consumers even care?
Well, according to the latest Earned Brand report from public relations firm Edelman, some 57 per cent of consumers are more likely to buy from – or just as equally boycott – a brand where they agree or disagree with its social or political views. You can check out the report here.
The study described consumers with a conscious as “belief-driven buyers”.
The study was based on the opinions of 14,000 people from 14 countries and revealed that 65 per cent of belief-driven buyers will not buy a brand that doesn’t stand up for an issue it has an obligation to address.
Other top level points from the study included:
- 30 per cent of respondents said they make belief-driven purchase decisions more than they did three years ago.
- The majority of Millennials (60 per cent) are belief-driven buyers, as are more than half of Gen Z (53 per cent) and Gen X (51 per cent).
- The top quartile of earners over-index as belief-driven buyers.
- 23 per cent of respondents said they’d pay a premium for a brand that supports their position.
- 51 per cent said they’d be loyal to a brand that speaks up over one that remains silent.
- 48 per cent said they’d advocate for a brand that shared their beliefs and criticise brands that didn’t.
- 67 per cent agreed they’d buy a brand for the first time based solely on a brand’s position on a controversial topic.
- Belief-driven buyers are most active in developing countries such as China (73 per cent) and India (65 per cent). They also comprise around half of consumers in established markets such as France (50 per cent) and the the US (47 per cent).
Commenting on the study, Mark Renshaw, global chair of brand at Edelman, said: “People really are buying on belief, and brands have a huge potential to gain if you do share your belief and act out on those beliefs.