Research Confirms Consumers Are Seeking Ethical Brands
Research conducted by global payment providers has confirmed with a very strong result that British consumers are actively seeking out ethical brands which take progressive stances on social and environmental issues. According to the research, up to 90% of adult consumers in the UK are conscious of the brands and companies they purchase from, and seek those which are most perceived as ethical and responsible.
Based on a market research survey of over 1,100 British consumers across the UK, intergenerational support for ethical businesses was strong, with respondents from all age groups feeding back similarly high percentages who actively seek moral companies to purchase from.
The top concerns on the minds of British consumers seeking new brands to purchase from were:
- Safe working conditions for their staff (94% of respondents)
- Overall business ethical reputation (93%)
- Being a local business or having roots in the local area (90%)
- Fair trading standards and an anti-child labour stance (90%)
- Green environmental policies and practices and equality in employee pay (89%)
Additional research collected to gather perspectives from the business owners’ points of view also confirmed a similar mentality. This survey found that amongst UK owners of small to medium enterprises (SMEs), 82% agreed that ethical business practices and green environmental policies would continue to become increasingly important to their customers in the future.
Business owners are also recognising the growing importance of being a local business, and having locally sourced products. 80% of SMEs responded that being identified as a local business has become more important to their marketing strategies over the previous twelve months, while just under three quarters (74%) of responding businesses claimed that their local communities had offered them increased support during the pandemic.
It is thought that the pandemic, along with recent environmental awareness events like COP26 and prominent global legislation like the Paris Climate Agreement have pushed consumers to a more local, communal, and greener mindset, and now good ethical and environmental practices are more important to UK consumers than ever before. It has never been more vital for businesses nationwide to adopt ethical trading practices and to enact green environmental policies!