Australian consumers want brands to do financial good

Australian consumers are more likely to believe a brand is “doing good” based on how it treats people and its financial integrity – ahead of the environment and societal good – according to the *Leo Burnett 2022 Good Study.

Why it matters

While the majority of corporate ESG initiatives focus on environmental or societal causes, there is a strong case for brands to focus on doing financial good in the world, expanding notions of “good” and demonstrating greater transparency and accountability in business practices and brand acts.

Takeaways 

• 47% of Australians believe the economic situation in the country will be worse off next year as it heads into a global downturn.
• 30% of Australians believe the financial situation of their household will be worse off during that period.
• Acts of financial good are: paying staff and suppliers fairly; zero tolerance for corruption; paying the appropriate taxes.
• 82% of Australians believe a brand is good if it treats people fairly and respectfully.
• 78% judge the goodness of a brand based on its financial integrity, just ahead of environmental good (76%) and societal good (75%).
• 88% say that a brand doing good would encourage them to purchase that brand.
• 70% of consumers would pay more for a brand doing good compared to another brand of equal quality that doesn’t do so.
• 61% of Australians try their best to avoid brands that don’t do good.

Key Quote

“There is a growing momentum around brands ‘doing good’ in society but when we dig deeper, we don’t know very much about how brands can be or do good... The objective of our study is to help brands better understand how they can meaningfully do good, and how to find and build specific audiences to fuel even more positive actions” – Catherine King, chief strategy officer, Leo Burnett Australia.

The survey for the Leo Burnett 2022 Good Study was conducted in partnership with YouGov Australia from 8 to 14 June 2022, with a nationally representative sample of n = 1,019.