They created the Brand Purpose Index Observatory, involving over 7,000 consumers, analyzing over 12 sectors and more than 50 brands in the country
In the current scenario, characterized by market uncertainties and volatility, consumer confidence has been put to the test and, as observed by EY, in order to regain people’s trust, companies are called to focus on their purpose, maintaining strategic agenda at the top of priorities and allowing the consumer to identify with clear, concrete and sustainable values. In this context, EY-Swg created the Brand Purpose Index Observatory, involving over 7,000 consumers, analyzing over 12 sectors and more than 50 brands in the countryto understand consumer expectations and the ability of companies to convey their values, creating a competitive advantage through a clear purpose and concrete value creation.
The data indicate that 8 out of 10 people declare it important for brands to have a clear purpose in which to identify, but only 5 out of 10 actually perceive the concrete commitment and the ability to keep faith with the promise of the declared purpose. Looking at the energy industry, it is evident that only 4 out of 10 recognize a concrete commitment on the part of the sector players.
Among all sectors, the energy sector is in fact positioned as one of those with the highest gap between consumer expectations and what they actually perceive: consumers expect a concrete commitment from the players operating in the industry, but today they are unable to recognize themselves in the declared values and do not recognize the Brands ability to create value on key dimensions.
These national data are also confirmed worldwide in an EY ‘Energy consumer confidence index’ survey conducted on 36,000 consumers in 18 markets which identified a correlation between countries’ progress in the energy transition and consumer confidence: consumers who they struggle to see the benefits of the energy transition they are not confident that things will improve in the future, while as a market progresses in this transition, confidence increases.
Observing the score of the energy consumer confidence index for each of the 18 markets analysed, we pass from China which is in the lead (77.6) thanks to the attention and huge investments in energy infrastructure and renewables, down to the minimum (51.2) from Japan where confidence is very low due to increases in energy prices affecting consumers and market deregulation. Italy is below the global average, reflecting the impact of macroeconomic trends and the current energy crisis.
Building and maintaining consumer confidence throughout the energy transition journey will be a major factor in a market’s ability to meet or accelerate decarbonization goals.