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Consumers care about a brand's purpose, reveals study

December 12, 2018

Consumers aren't just interested in great prices, innovative delivery options or item availability. A good number, 63 percent, are also interested in only buying from retailers and brands that take a position on issues important to them.

In fact, consumers may avoid brands and retailers that don't reflect their own positions, reveals an Accenture study.

"‘Purpose is now a powerful force helping companies build deeper consumer connections and improve competitiveness," states a press release on the 14th annual Accenture Strategy Global Consumer Pulse Research. The study polled nearly 30,000 consumers on expections of brands and retailers.

"The study found that companies that stand for something bigger than what they sell, communicate their purpose and demonstrate commitment, are more likely to attract consumers and influence purchasing decisions which improves competitiveness," stated the release.

The majority of consumers want companies to take a stand on the social, cultural, political and environmental issues they view as important.

"Purpose is more than companies simply responding to issues of the day. It's about having a genuine and meaningful commitment to important principles that consumers care about — such as health and wellbeing, natural ingredients, environmental sustainability and family connections — which inform every business decision," said Bill Theofilou, senior managing director, Accenture Strategy, in the release. "Many companies have neglected to convey purpose due to complacency, lethargy or the fear of polarizing people, which has allowed smaller players to rise."