New Research Reveals Why Brands Need to Commit to Purpose in 2024

In a world under pressure, from the covid-19 pandemic to the cost of living crisis, there’s been plenty of concern that social and environmental issues are dropping down consumers' list of priorities.

But the latest report from creative agency Fox + Hare proves that the reverse is actually true: according to the research contained in 'Purpose In World Under Pressure' people across the UK desperately want businesses to step up their commitment to purpose.

Some of the findings particularly challenge the prevailing narrative: nine out of ten people expect brands to focus on social and environmental responsibility in 2024, while more than three quarters say they’ll proactively seek out those brands as a result.

71% of people said that a brand’s purpose is important to them, despite all the pressures affecting consumer habits. Even more intriguingly, this has a direct effect on people’s real-world buying choices: 47% of people said that a brand’s purpose positively influences their purchase decisions, while 40% are happy to pay more for products or services from socially and environmentally responsible brands.

And these numbers are only set to grow: defying suggestions that purpose is waning in importance, 44% of people said that global events would affect their view of brands in the next 12 months. 

Despite this, brands’ efforts to engage aren’t cutting through - only 33% of people think that companies are communicating their purpose effectively - creating a massive missed opportunity for businesses of all sizes.

Craig Hares, founder and CEO of Fox + Hare, said, “From the Covid-19 pandemic to the cost of living crisis, recent events haven’t dimmed consumer interest in brand purpose. In fact, people are placing more importance on social and environmental questions than ever.

“Committing to purpose is no longer just a nice thing to do, it’s now an essential business strategy. But too many brands are still falling short, and falling to communicate their purpose effectively.”

“This report is an urgent wake-up call: commit to purpose, and you can win your sector. Ignore what your consumers are telling you, and you risk being left behind.”

To find out more and see a full copy of the report, contact Fox + Hare.