Majority of consumers prepared to ditch hypocritical companies

The UK’s National Standards Body, BSI, has issued a stern warning to companies whose behaviour is inconsistent with stated purpose and those lacking aims beyond profit.

In a new survey, 68% of consumers said they were willing to spend more with an organisation that stays true to its intended purpose, with 66% willing to abandon firms they perceive to be hypocritical. 

By comparison, only one-fifth of British business owners perceive lack of purpose to be detrimental to their interests, reiterating the findings of previous studies that show growing disconnection between public expectations and corporate priorities. In response, the BSI has now published the world’s first standard offering guidance to organisations on the idea of purpose in a bid to restore, rebuild and embed trust. 

You can download a copy here.

Perhaps unsurprisingly, given similar findings in the past, the figures climb among younger age groups. 74% of 18-24 year olds are actively considering overall purpose in purchasing decisions. Meanwhile, 80% of this age group will abandon inconsistent businesses.

At the corporate end, a parallel poll has found that younger business leaders between18 and 34 are more likely to run their organisations with the concept of purpose beyond profit in mind, with three-quarters under 34 saying they already do this. Corporate purpose includes, but is not limited to, environmental actions and emissions. 

‘The research demonstrates that urgent action is needed to align organizations with a sustainable future. There is a growing consensus that purpose-driven organizations may hold the key and that there could be a clear dividend to business purpose,’ said Anne Hayes, Director of Sectors at BSI.

‘We live in an age where organizations that lose the trust of their customers also stand to lose their business. PAS 808 represents a watershed moment in helping them meet the pressing challenge of aligning their purpose with their actions. We are proud to have convened a range of stakeholders to demystify what a good purpose-driven organization looks like and provide a framework for accountability,’ she continued. 

You can download a copy of the Last week, Air Quality News reported on an investigation into Verra, the world’s leading carbon standard, which found that 90% of the most popular carbon offsetting credits did not represent genuine fossil fuel reductions.

Image: David Clarke