Companies need to step up their purpose game. Simply having purpose isn’t enough for Gens Y and Z. They demand that companies infuse purpose across their organizations, via all touch points, and through their words, actions, products, services and ways of doing business, inside and out.
Gen Y and Z consumers are more sensitive to how companies show fidelity of purpose than other consumers. And they are more likely to reward those that get it right: A third of them will pay more to companies that stand for issues they care about (versus just 18 percent of other generations). They are also more likely to punish those that get it wrong: More than half have shifted a portion of their spend away from companies that disappointed them with their words or actions on a social issue (versus 37 percent of other consumers).
Companies must look at purpose holistically and build fidelity, authentically and in multiple ways.