A substantial percentage of consumers who feel that a company is behaving wrongly are willing…
A substantial percentage of consumers who feel that a company is behaving wrongly are willing to express their disapproval by withholding their dollars, according to a new report by credit card comparison site CompareCards which found 38 percent of Americans – and more than half of Gen Z and millennials – are currently boycotting at least one company.
The number of boycotting consumers is up from 26 percent in January 2019.
The current coronavirus pandemic, coupled with recent protests against social injustice, has caused many consumers to scrutinize the way a company operates and change their spending habits accordingly, from shunning businesses who don’t treat their employees fairly to prioritizing the purchasing of Black-owned brands.
About 38% of consumers are currently boycotting at least one company. This is up from January 2019 when 26% of consumers were boycotting one or more companies. The No. 1 reason for the boycotts: disagreements about politics.
Nearly a quarter (23%) of boycotting consumers said the company they’re refusing to patronize has been accused of racism. A similar number of consumers said the diversity of a company’s executive suite factors into their decision to spend money with that company.
The Black Lives Matter movement and mask requirement create nearly an even split among many boycotting consumers. 19% of boycotting consumers are refusing to spend money with a company due to its support for the Black Lives Matter organization, while 18% are boycotting companies that do not support the movement.
At the same time, 16% are withholding dollars from businesses that don’t require shoppers to wear masks, but 15% are boycotting places that do require patrons to don face coverings.
Likelihood to boycott decreases with age. About half of Gen Z (51%) and millennials (52%) are currently boycotting at least one company, but that number drops slightly for Gen X (37%) and greatly for baby boomers (22%) and the silent generation (16%).
More than half (53%) of Americans said they’re more likely to buy from a company that gives to charities or is associated with causes they believe in. And, 41% said they would cut ties with their favorite retailer if it publicly supported something or someone they strongly disagreed with.