71% of Consumers More Likely to Shop With Brands That Pay a Higher Minimum Wage
Q1 2021 hedge fund letters, conferences and more
Do companies who treat their employees better benefit from it in their bottom line? According to a new survey from Invisibly and Vrity, the answer is yes. Invisibly used it’s Realtime Research polling tool to survey1091 consumers to find out if they are more likely to shop with brands that treat their employees better.
Here’s some of the highlights they learned:
- 71% of respondents are more likely to shop at a store that pays $16 minimum wage compared to a $12 minimum wage.
- 72% of respondents are more likely to shop at a store that gave their employees extra pay during Covid-19.
- Men were consistently more likely than women to support brands doing good.
- After price and availability, how a brand treats its employees is a major factor in consumer purchase decisions.
- Gen Z consumers, when compared to other age groups, are the most likely to factor a brands ethics into their purchase decisions.
As you can see, all age groups find treating employees important, with the largest spike in the 41-55 age range, but when each age group is compared to each other, Gen Z is overwhelmingly in the lead when it comes to putting a values driven brand first.
You can see the full report here.
