CHARLOTTE, N.C., Jan. 29, 2019 /PRNewswire/ -- In the past year, 35 percent of Generation X and 33 percent of millennials have boycotted a company or product they had spent money on in the past, according to a new survey by CompareCards.com. Thirty percent of Gen X and 26 percent of millennials are currently boycotting.
With boycotts regularly making headlines, CompareCards asked Americans their views. While there are many ways you can boycott a company or product, CompareCards chose to follow the money and asked whether people were currently participating in a boycott – or had in the past year — in which they stopped spending money on a product or company they spent money in the past.
The survey found that while many Americans feel that people are too quick to call for a boycott, most think they can be effective and would consider joining one in the future.
- In the past year, 35 percent of Generation X and 33 percent of millennials have boycotted a company or product they had spent money on in the past. Thirty percent of Gen X and 26 percent of millennials are currently boycotting.
- Overall, 26 percent of Americans are currently boycotting a company or product they had spent money on in the past, while 32 percent had boycotted at some point in the past year.
- More than half of respondents (53 percent) said they'd no longer shop at their favorite retailer if it publicly supported a person or cause they strongly disagreed with.
- More than half of credit cardholders (55 percent) said they would stop using their favorite credit card if the issuer publicly supported a person or cause they strongly disagreed with.
- Nearly 8 in 10 Americans (78 percent) have boycotted in the past year or would consider doing so in the future under the right circumstances. However, about half (49 percent) say that people are too quick to recommend a boycott (while just 17 percent disagree).
- Nearly 6 in 10 Americans (58 percent) said they're more likely to buy from a company that gives to charities or is associated with causes they believe in. Just 9 percent disagreed.
- Who is most likely to currently be boycotting? Men and parents with young kids.
"These survey results should be an eye-opener for businesses across the country," said Matt Schulz, Chief Industry Analyst at CompareCards. "Your customers are watching what you say and do, and if you back a cause or a person they strongly disagree with, they're willing to kick you and your product to the curb. They'd even be willing to do that to their favorite retailer or their primary credit card. Ultimately, these results make it clear that most Americans simply want to be heard."
To view the full report, visit https://www.comparecards.com/blog/1-in-3-millennials-boycotted-company-or-product-in-past-year/
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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.