5WPR Consumer Culture Report Reveals Millennial Spending Increases with Charitably Conscious Companies
5W Public Relations, one of the top 15 independently-owned PR agencies in the U.S., has released their 2020 Consumer Culture Report and has found that 67% of Millennials believe it’s important that a brand they purchase from has a charitable component, illustrating Millennial’s ongoing effort to be purposeful in both how and with who they choose to spend their money.
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“Millennials are recognized by older generations as being hyper aware of the influence their actions hold,” said 5WPR CEO and Founder, Ronn Torossian. “The report’s insights support these claims, suggesting that Millennials aren’t blindly engaging with brands, instead taking an active role in learning what the brands stand for and paying attention to their marketing efforts. As Millennials grow to accumulate a disposable income, they’re able to make a shift from physically volunteering to showing support through monetary contributions.”
Beyond Millennial’s interest in brands who publicize their charitable initiatives, the survey revealed 71% of Millennials are willing to pay more for a product knowing that a portion of the proceeds goes to charity.
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“This should reassure brands that if they are passionate about supporting a cause, their Millennial consumers will be passionate in supporting them as well,” said Dara A. Busch, 5WPR President, Consumer practice. “If a charitable partnership is an authentic move for your brands, it’s a great opportunity not only to broaden your consumer base but also to build meaningful relationships with them.”
The data in 5WPR’s Consumer Culture Report was collected from an online survey that ran from November 13 to 18, 2019 by MARU/Matchbox on behalf of 5WPR. The survey was conducted among a nationally representative sample of N=1001 American adults aged 18+. The report includes unique consumer statistics on industries, buying behaviors by generation, social media marketing, corporate image, brand activism and more.
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