Are U.S consumers willing to pay more for corporate responsibility?

In a recent survey of more than 1000 online consumers, Penn Scholen Berland asked consumers their opinions on how corporate social responsibility affects their purchasing decisons. Here are some key findings:

• 75% of consumers say that social responsibility is important when choosing a brand
• 55% of consumers say they would choose one product over another because it supports a certain cause
• Despite the recession 38% of consumers are willing to spend more on particular brands or services that are socially responsible
• 75% of consumers who read about a company's CSR through advertising or online information are more likely to purchase that product
• Fewer than 1/2 of consumers actually understand what CSR is
• Only 33% of people are aware of their employers environmental activities and only 24% are aware of their companies charitable activities
• Half of 18-24 year olds would be willing to take a pay cut to work at a more socially responsible firm

What have we learned from this survey? Most importantly, consumers are paying attention to social responsibility. This provides a unique opportunity for brands to differentiate themselves. Most consumers aren't likely to seek out the information on a company's website, so if CSR is important to your company, then advertise it!