Morning Consult’s data states that 42% of millennials base their purchasing decisions on a company’s “ethical and moral standards”.
Consumers are likely to appreciate or criticise brands depending how they move towards ethical consumption. This pressurises brands to adapt. The author points out that with the government unable to provide solutions, people are now turning to brands
To adapt, the author suggests
, brands must build purpose and values driven by causes into their DNA. This change that consumers expect of brands will be “tricky” to achieve given that it can mean a departure from a company’s reliance on pricing and efficiency to sell.
Additionally, brands should leverage relevant socio-political opportunities to make small but concrete changes. Numerous newer brands have an ethical or environmental purpose as a focus area, where larger brands are looking to build a higher purpose through “commitment and repetition”.
[6 minute read]