CB Bureau‘The weak economy makes corporate social
responsibility (CSR) a higher priority among consumers. Economic hardship
dramatically increases risk aversion, and risk-averse consumers are 50 per cent
more likely to agree that companies have a duty to be socially responsible and
support the communities in which they operate,’ says the white paper Risk &
Responsibility: Marketing CSR in a Time of Economic Turmoil.
The white paper is a part of The Futures Company’s Global
Monitor study done in 20 countries.
‘These findings contradict the view held by many
experts that consumers have become so worried about their finances that nothing
else matters anymore. In fact, consumers most worried about their finances are
also most insistent about CSR. The economy is not an excuse for shirking CSR.
Indeed, there has never been a time like today in which CSR can provide
competitive differentiation. The most social responsible companies will be the
most successful in this weak economy,’ says J Walker Smith, executive chairman of
The Futures Company.
‘Consumers
are practicing prioritization, not frugality. If your brand is at the bottom of
the priority list where price pressures predominate, it looks like frugality to
you. But the real dynamic at work is prioritization. Consumers will step up for
the things that matter most to them. Frugality is a coping mechanism, not an
aspiration,’ added Smith.
The Global Monitor study is a global survey of over
27,000 consumers in 20 countries. The focus of the research is to find out global consumer trends and identify
new growth platforms that can refine brand positioning and marketing communications,
and deepen understanding of key market issues.