Buy Social Corporate Challenge Sees Record £123M Spending in 2023
The Buy Social Corporate Challenge, led by Social Enterprise UK, has seen a significant boost in 2023. Thirty prominent businesses have spent over £123 million with social enterprises, marking the highest trading levels in the programme's eight-year history.
The programme, which aligns with global social procurement trends, has reinvested £43.4 million into social and environmental initiatives. This spending has led to the creation of over 4,500 jobs, particularly for individuals facing employment barriers.
The £477 million invested by partners in social enterprises has delivered comparable or superior quality services. These include consultancy, education, skills development, and facilities management. Notably, categories like food and beverages, employment services, and healthcare have seen increased spending, though IT and digital services remain underrepresented.
The challenge's partners are major corporations such as Amey, AstraZeneca, AXA, CBRE, Co-op, Deloitte, EY, Johnson & Johnson, KPMG, Mitie, Nationwide, Nestle, PwC, SAP, Siemens, Sodexo, and Zurich Insurance Group. These companies provide services like social media management, marketing measurement, sustainability solutions, and investment portfolio management, supporting social enterprises.
The Buy Social Corporate Challenge's success in 2023, with £123 million spent on social enterprises, has not only supported social and environmental initiatives but also created jobs and fostered a more inclusive economy. The programme's growth reflects a global shift towards social procurement, with influential bodies like the European Commission, OECD, and World Economic Forum endorsing the approach.
