Consumer expectations for corporate responsibility is going beyond sustainability.
According to the American Marketing Association – New York and the “Future of Marketing” survey, both consumers and marketers agree that companies that the top purpose companies should promote is being a good employer. Consumers are increasingly looking to support brands that prioritize pay equity and fair labor practices.
More than a third of consumers cited being a good employer as an issue that companies should address, leading all other concerns. Forty-seven percent of marketers cited fair employment, again leading all issues. With 68 percent of U.S. consumers reporting that they are more likely to buy from a company with a good track record on the social purposes they care about, companies are fairly aligned with the concerns shoppers cited.
In addition to the two-thirds of consumers who are more likely to buy from a company aligned with their social purposes, almost half are willing to pay more for brands fulfilling these goals. Upper-income consumers and those under 40 are particularly likely to spend more on these companies. From March 8-15, LVMH employees were encouraged to exchange ideas regarding gender equity through the group’s internal digital platform, NEXT, which connects all employees across industries and regions. Following internal discussions, the company will host sessions to explore solutions and workshops to work together in developing ways to address these issues within LVMH .
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