Data Availability
The initial round of research suggests that there is limited data available on the CSR market size in the US, though there is adequate data available on growth drivers and trends in the market.
Market Size - Helpful Findings
- US-based Fortune 500 companies spend above $15 billion on CSR each year.
- Product donations account for 70% of the overall spend, while cash donations make up 15%.
- The global market size for CSR software is supposed to reach $1.4 billion by 2028. North America accounts for the largest share of the market.
- Global Fortune 500 companies spend around 0.1% of total revenues, or 1.8% of total profits, on CSR.
- Among 250 of the largest global companies with combined revenues of $11.2 trillion, their total giving in 2020 was $24.8 billion, with a median giving of $23.5 million.
Trends
- According to Forbes, ten CSR trends for 2021 are:
- solutions and initiatives that promote corporate transparency,
- initiatives that focus on carbon neutrality,
- actions that support employees' needs,
- initiatives that are aligned with corporate purpose,
- novel ways of promoting and explaining CSR activities,
- focusing on initiatives related to diversity and inclusion,
- giving to global organizations and communities, not just US-based ones,
- virtual volunteering,
- initiatives that support small businesses,
- putting more emphasis on United Nations Sustainable Development Goals.
Growth Drivers
- Consumer demand is among the main growth drivers in the CSR market. According to a survey by Markstein, 70% of customers prefer to support brands that contribute to social and environmental issues, and 46% consider the brand's CSR activities when buying a product.
- Another survey by Nielsen showed that 50% of customers are willing to pay more for a product or service if it comes from a company that prioritizes sustainability.
- It is worth noting that younger generations are particularly likely to choose brands that have strong CSR values. At the same time, their purchasing power continues to grow, which contributes to the rising importance of CSR.
- CSR is also crucial for building a strong employer brand. Millennials are a large part of the US workforce. 64% would not take a job if the company doesn't have established CSR practices, while 83% would be more loyal to a company if it helps them contribute to environmental and social issues.
Summary
- Within the first hour of research, we were able to provide helpful findings around the market size of CSR in the US, as well as initial data on trends and growth drivers.
- The information on growth drivers and trends in the CSR market in the US appears to be easily available, which is why we recommend continuing the research into these topics.
- However, data on the market size is extremely limited. Most of the available figures are for large companies in the global market. We can provide insights into the size and segmentation of the global market, including selected quantitative data on specific industries, but the overall global or US market size appears to be unavailable.
- We determined that the CSR market size in the US is not available by searching sources such as industry reports (both for the overall CSR spending and specific segments, such as CSR software), articles in business media, and papers, reports, and surveys by non-profit organizations.