FORBES
Latin American consumers demonstrate a strong commitment to corporate social responsibility, with air and water pollution, along with access to quality healthcare, being their top concerns. This is according to the latest research from Sherlock Communications, which revealed that Corporate Social Responsibility (CSR) initiatives are highly influential in consumer decision-making in the region.
The study was conducted with 3,258 people from six different Latin American countries and aimed to understand how CSR practices impact consumer opinions and spending decisions.
The survey shows that 81% of Latin Americans agree that social and environmental responsibility practices directly influence their opinions about companies operating in their countries; meanwhile, 72% of people say they only buy products or hire services from socially responsible companies.
“Latin American consumers were clear in their feedback to our research. Many will not buy goods or services from companies whose practices they do not approve of. This highlights the urgent need for companies to adopt ethical and transparent practices,” commented Sarah O’Sullivan, Research Director at Broadminded (a research unit of Sherlock Communications).
According to the report, many companies are losing money due to their poor practices. 66% of Latin Americans say they have avoided making a purchase or hiring a service in the last year because of a company's stance with which they disagreed.
Corporate social responsibility (CSR) practices impact consumer opinions and spending decisions. Here are some other key findings.
Social responsibility as a priority
According to the survey “Corporate Social Responsibility in Latin America in 2024,” 59% of respondents felt their opinions were more positive when companies demonstrated socio-environmental awareness. Only 17% of Latin American consumers felt that corporate social responsibility initiatives did not influence their purchasing decisions.
Another key finding of the study is that 50% of Latin Americans believe companies should focus their CSR efforts on combating air and water pollution. Two other important issues cited by respondents are (45%) improving access to healthcare and (43%) combating global warming and its consequences.
Fifty-nine percent of Latin Americans responded that the most important factor for a positive company image is knowing that its production chain does not harm the environment. The second most important factor (46%) is knowing that the company pays its employees fairly, contributing to a better quality of life.
According to O'Sullivan, "companies must understand that social responsibility is not just a trend, but a market expectation in Latin America.".
Finally, when it comes to publicizing companies' CSR actions, Latin Americans are the most likely to trust scientists and university professors (44%) to tell the truth, with company employees (37%), regional community leaders (28%), and journalists (28%) taking a back seat to the list of the most trusted sources.
