The back-to-back shocks of a deadly virus, lockdowns and civil unrest have a growing number of Americans reevaluating not just their life priorities, but also how — or even, if — they’ll spend their money.
Good.Must.Grow, a Los Angeles-based firm, said its Conscious Consumer Spending Index, which tracks expected purchases of socially responsible brands, suddenly rebounded after trending down since 2017, jumping 15% in May from the previous study in November. Asked what criteria would influence their post-pandemic spending, almost 70% of respondents cited a company’s ability to make a positive impact on society and the environment. The firm polled more than 1,000 Americans.
“The environmental crisis has become better understood by more people in recent years,” said the consultancy’s founder, Heath Shackleford. “You layer on what’s happening with Covid, with George Floyd and all these things — I think we’re going to see a bigger piece of the economy taken up by companies that are purpose-driven.”