Conscious consumption – the growing global trend of consumers being far more mindful of what they are buying from whom – is a consumer trend that we have been tracking for some time.
The trend is manifesting in people asking more questions, being more aware of the culture of the organisation that they are doing business with and voting with their wallets when that behaviour doesn’t align with their own.
Recent news that clothing retailer Topshop is closing all of its US outlets after the brand suffered struggling sales as well as some serious sexual misconduct allegations against their CEO, drove the point home.
Topshop has also be nominated as the retail brand most likely to fail overall in the near future, by a recent survey of retail experts. Poor sales and a toxic culture are just some of the reasons for the dismal forecast.
This stunning fall from grace just goes to show that no brand is immune to the reality that competition is tough, economies are stagnant and if companies don’t consistently deliver authentic value – those brands are effectively writing a failure memo for themselves.
To add to this – a new narrative revolving around the idea that economic growth itself should be avoided at all costs is going to put a new spin in things when it comes to conscious consumption.
Forget straws – your desire to buy anything in the future could be labeled as destroying the planet. De-growth could mean that business itself needs to question its very reason for existence and map a new strategy in these unusual times.
Conscious consumption means that people are more aware of the impact that their consumer behaviour has on themselves, others and the planet. This is far more than a passing fad, it’s the new normal and worryingly most organisation are woefully unprepared for the shift.