New Research Reveals Wealthy Consumer Habits Toward Social Responsibility
The Luxury Institute has published a new report mapping out consumer behavior by those with higher incomes, starting from $150,000 per year. Called Corporate Social Responsibility: The Wealthy Consumer's Viewpoint, the report reveals that Americans with higher spending power value socially responsible corporate behavior, rate companies and publicize the importance of socially responsible practices when
taking purchasing decisions. The report compared data with a previous, similar survey carried out in 2007.
Most (82 percent) wealthy Americans define social responsibility by a company behaving ethically with employees, customers and suppliers. 58 per cent of respondents name Environmental behavior and philanthropic actions as an essential component of CSR (58%).
45 percent of wealthy consumers say they seek out brands with high ethical standards, but only 39 percent of these shoppers would be willing to pay a premium. This represents a sharp decrease from 2007, when 56 percent of respondents said they would pay a premium.
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Antonio Pasolini is a Corporate Social Responsibility writer for Justmeans, Antonio Pasolini is a journalist based in Brazil who writes about alternative energy, green living and sustainability. He also edits Energyrefuge.com, a top web destination for news and comment on renewable energy and Elpis.org, a recycled paper bag/magazine distributed from health food stores in London, formerly his hometown for over a decade. He is also a happy herbivore.
