US Monetary Value vs Moral Value Consumer Report 2023

Overview

• What you need to know
• This Report looks at the following areas
• Definition
• Market context

Executive Summary

• Top takeaways
• Target overview
  • Figure 1: Attention to brands’ social mission, 2023
• • Figure 2: Conscious Consumers, 2023
• Opportunities and challenges
• Buying socially conscious brands is an easy, effective and widespread way for consumers to support social causes and issues important to them
  • Figure 3: Importance and impact of buying socially conscious brands, 2022
• • Figure 4: Socially conscious actions, by Conscious Consumers, 2022
• High price points prevent more consumers from shopping based on brands’ social values, especially during economic downturn
  • Figure 5: Shopping behaviors, by Conscious Consumers, 2022
• Consumers expect more from brands and their social purpose efforts, even during times of economic downturn
  • Figure 6: Expectations for brands, by Conscious Consumers, 2023
• • Figure 7: Support from brands, by Conscious Consumers, 2023

Target Audience – Conscious Consumers by the Numbers

• The majority of consumers pay attention to and consider brands’ social missions or purpose when shopping
  • Figure 8: Attention to brands’ social mission, 2023
• Four in 10 consumers are considered Conscious Consumers
  • Figure 9: Conscious Consumers, 2023
• Conscious Consumers skew Millennial, affluent, and married with kids
• • Figure 10: Conscious Consumers, consumer segment indexing, 2022
• Consumer trend spotlight: Moral Brands

The Conscious Consumer – Fast Facts

Socially Conscious Actions

• More than half of consumers participate in civil or consumeristic actions, but only a third choose more personal, hands-on involvement
  • Figure 11: Socially conscious actions – NETs, 2022
• Conscious Consumers are just as likely to buy a socially active brand as they are to vote
  • Figure 12: Socially conscious actions, by Conscious Consumers, 2022
• Among Conscious Consumers, monetary and consumeristic actions are common across gender and generation
  • Figure 13: Socially conscious actions – NETs – among Conscious Consumers, by gender and generation, 2022
• Conscious Consumers are split by highly engaged and moderately engaged in social actions to support important causes
  • Figure 14: Socially conscious actions – Repertoire, by Conscious Consumers, 2022
• Single women who are Conscious Consumers tend to be more highly engaged in socially conscious actions than single men
  • Figure 15: Socially conscious actions – Repertoire – Among Conscious Consumers, by gender and marital status, 2022

Impact of Moral Actions

• Conscious Consumers are significantly more likely to prioritize socially conscious brands and feel they help make the world a better place
  • Figure 16: Importance and impact of buying socially conscious brands, 2022
• Millennials and BIPOC consumers in particular believe in the difference socially conscious brands can make
  • Figure 17: Importance and impact of buying socially conscious brands, by generation, 2022
• • Figure 18: Importance and impact of buying socially conscious brands, by ethnicity and Hispanic origin, 2022
• Local community and sustainability efforts are top brand causes that consumers are willing to pay more to support
  • Figure 19: Top brand missions willing to support, 2022
• Conscious Consumers are more likely to support social and political causes that extend beyond their own community
  • Figure 20: Top brand missions willing to support, by Conscious Consumers 2022
• Historically marginalized groups are most likely to support social and political issues, as well as workers’ rights
  • Figure 21: Top brand missions willing to support by ethnicity and Hispanic origin, and by LGBTQ+ identity, 2022
  • Figure 22: Top brand missions willing to support by generation, 2022

Impact of the Economy on Purpose-driven Shopping

• Conscious Consumers are more likely to have made changes to their personal finances due to recent inflation
  • Figure 23: Response to inflation, by Conscious Consumers, 2022
• Although Conscious Consumers are concerned about an economic downturn, they remain determined to support social causes
  • Figure 24: Concerns about and impact of economic downturn, by Conscious Consumers, 2022
• Younger Conscious Consumers are most likely to be concerned about economic downturn, but Millennials are most determined to keep supporting important causes
  • Figure 25: Concerns about and impact of economic downturn, by Conscious Consumers, 2022
• Although economic concerns have impacted shopping behaviors, Conscious Consumers believe they will return to purpose-driven shopping
  • Figure 26: Shopping behaviors, by Conscious Consumers, 2022
• Millennial Conscious Consumers are most likely to plan to return to purpose-driven shopping
  • Figure 27: Shopping behaviors, by Conscious Consumers, 2022
• Brand spotlight: Chevrolet’s Good Deeds Cup
  • Figure 28: Chevrolet’s Good Deeds Cup, 2023

Shopping Priorities

• Conscious Consumers are significantly more likely to consider brand values, ethics, and social consciousness when shopping
  • Figure 29: Important brand qualities when shopping, by Conscious Consumers, 2022
• Gen Zs and Millennials are the most likely to weigh brands’ values and reputations when shopping
  • Figure 30: Important brand qualities when shopping, by generation, 2022
• In general, it’s more important for consumers to avoid buying unethical brands than to go out of their way to buy socially conscious brands
  • Figure 31: Shopping behaviors and priorities, by Conscious Consumers, 2022
• Baby Boomer Conscious Consumers are more likely to avoid brands with unethical practices or opposing political beliefs, but less likely to keep up on brands’ values
  • Figure 32: Shopping behaviors, by generation, 2022
• Socially conscious brands are typically more expensive, but Conscious Consumers agree purchases that trigger donations justify a higher price
  • Figure 33: Price points, by Conscious Consumers, 2022

Expectations for Brands

• Over 80% of Conscious Consumers expect brands to stay true to their social values and purpose even during economic downturn
  • Figure 34: Expectations for times of crisis, by Conscious Consumers, 2022
• • Figure 35: Expectations during times of crisis – Among Conscious Consumers, by generation, 2022
• Conscious Consumers are looking to the brands they buy to help them find easy and affordable ways to support social causes important to them
  • Figure 36: Support from brands, by Conscious Consumers, 2022
• Young and Hispanic Conscious Consumers are most eager for help from brands
  • Figure 37: Support from brands – Among Conscious Consumers, by generation, by ethnicity and Hispanic origin, and by household type, 2022
• Conscious Consumers, however, expect brands to demonstrate the true impact they’re having on social causes
  • Figure 38: Demonstrating impact, by Conscious Consumers, 2022
• • Figure 39: Demonstrating impact – Among Conscious Consumers, by generation, by parenthood and location, 2022
• • Figure 40: Allbirds demonstrating tangible progress, 2022

Competitive Strategies and Market Opportunities

• Chipotle shows how a burrito can change the world
  • Figure 41: Chipotle: Can a Burrito Change the World? – 2023
• Nespresso serves up brand purpose in an artist-designed mug
  • Figure 42: Nespresso’s “Things We Hold” initiative, 2023
• Pamper s’ long-running 1 Pack = 1 Vaccine campaign
  • Figure 43: Pampers + UNICEF “1 Pack = 1 Vaccine,” 2023
• Macy’s inaugural holiday fundraising campaign
  • Figure 44: Macy’s partnership with BBBSA, 2023

Appendix – Data Sources and Abbreviations

• Data sources
• Consumer survey data
• Consumer qualitative research
• Abbreviations and terms
• Abbreviations
• Terms