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.
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.
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.