4.8 billion reasons to get purpose right Consumers’ expectations around experience continue to be at an all-time high. But those have become table stakes. As Accenture Strategy found in its watershed 2018 report, From me to we: The rise of the purpose-led brand, a company’s purpose, or lack of one, is an important driver of consumer behavior—and revenue. Purpose, which influences many consumers’ decisions to switch or keep spending with current brands, puts an estimated US$5 trillion of revenue potential at play globally.3 That’s an opportunity—and risk—too great for companies to ignore. Certain consumer segments are more prone disappointed them due to its words or actions on a Globally, up to a quarter to be influenced by purpose. Our 2019 Global social issue. A third of them will pay more to companies Consumer Pulse Research revealed that Generations that stand for issues they care about or clearly articulate of consumer spending is Y and Z, which make up nearly 5 billion of the world’s core values that align with their own. While this population, have a more acute understanding of represents a relatively small percentage of consumers, influenced by purpose. authenticity of purpose—and of the power they it’s larger than the 18% of other generations willing to An estimated US$5 trillion possess—than all other generations. We call this pay a premium for purpose. generation: Generation P(urpose). risk or opportunity hangs And while the overall wealth of Gens Y and Z is 3 Nearly three quarters (74%) of Gens Y and Z consumers significantly smaller than previous generations, it’s in the balance. want companies to take a stand on issues close to their important to note that what they currently lack in wealth, hearts, compared to 59% of other consumers. they make up in influence. One study found that 87% of More importantly, Gens Y and Z put their money Generation Z parents say their children influence their where their purpose is. More than 50% of Gen Y and purchasing decisions.4 And then there’s the estimated Z consumers, compared to 37% of other consumers, $68 trillion Generation Y will be inheriting from their Baby say they have shifted a portion of their spend away Boomer parents by 2030.5 The values and power of these from their current service provider when a company generations should not be underestimated. 3 | GENERATION P(URPOSE)