CHARLOTTE, N.C., July 20, 2020 /PRNewswire/ -- A substantial
percentage of consumers who feel that a company is behaving wrongly
are willing to express their disapproval by withholding their dollars,
according to a new report by CompareCards which found 38 percent of
Americans – and more than half of Gen Z and millennials – are
currently boycotting at least one company. The number of boycotting
consumers is up from 26 percent in January
2019.
The current coronavirus pandemic, coupled with recent protests
against social injustice, has caused many consumers to scrutinize
the way a company operates and change their spending habits
accordingly, from shunning businesses who don't treat their
employees fairly to prioritizing the purchasing of Black-owned
brands.
Key findings
- About 38% of consumers are currently boycotting at least one
company. This is up from January
2019 when 26% of consumers were boycotting one or more
companies. The No. 1 reason for the boycotts: disagreements about
politics.
- Nearly a quarter (23%) of boycotting consumers said the
company they're refusing to patronize has been accused of
racism. A similar number of consumers said the diversity of a
company's executive suite factors into their decision to spend
money with that company.
- The Black Lives Matter movement and mask requirement create
nearly an even split among many boycotting consumers. 19% of
boycotting consumers are refusing to spend money with a company due
to its support for the Black Lives Matter organization, while 18%
are boycotting companies that do not support the movement. At the
same time, 16% are withholding dollars from businesses that don't
require shoppers to wear masks, but 15% are boycotting places that
do require patrons to don face coverings.
- Likelihood to boycott decreases with age. About half of
Gen Z (51%) and millennials (52%) are currently boycotting at least
one company, but that number drops slightly for Gen X (37%) and
greatly for baby boomers (22%) and the silent generation
(16%).
- More than half (53%) of Americans said they're more likely
to buy from a company that gives to charities or is associated with
causes they believe in. And, 41% said they would cut ties with
their favorite retailer if it publicly supported something or
someone they strongly disagreed with.
"America is as polarized and politicized as it has ever been,
and Americans often want to make a statement with what they watch,
where they go and who they listen to. Millions of Americans are
simply no longer willing to support a business that doesn't align
with their values," said Matt
Schulz, chief credit analyst for CompareCards. "We're a
divided country in so many ways and people seem to be becoming more
emboldened in their beliefs and more willing to use their wallets
to express them," said Schulz.
To view the full report, visit
https://www.comparecards.com/blog/38-percent-boycotting-companies-political-pandemic-reasons/.
Methodology
CompareCards commissioned Qualtrics to
conduct an online survey of 1,026 Americans, with the sample base
proportioned to represent the overall population. The survey was
fielded July 10-13, 2020.
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc. For more information, go to
www.lendingtree.com, dial 800-555-TREE, like our Facebook page
and/or follow us on Twitter @LendingTree.
About CompareCards
CompareCards' mission is to help
people make smarter, more informed, healthier financial decisions
based on deeper knowledge of financial offers. Each month, over 2.9
million visitors come to CompareCards' website to independently
compare credit cards side-by-side and choose a credit card based on
interest rate, reward benefit, cost savings, and other factors that
are important to each person. CompareCards provides easy-to-use,
objective tools and educational resources that help people do
everything from making credit card comparisons to managing their
credit health. For more information, please visit
www.comparecards.com.
MEDIA CONTACT:
press@comparecards.com
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SOURCE CompareCards