TrendSights Analysis: Ethical Wellbeing
Concepts such as responsible consumption and conscience consumption have become mainstream. Consumers are now monitoring brands' practices and code of ethics, as many purchasing choices are now evaluated in terms of their consequences for health, the environment, and sustainability. As a response to this, brands are incorporating ethical patterns into the way they are doing business, instead of being solely focused on profit. For ethical shoppers, the act of consumption represents not only the satisfaction of a personal need but also the opportunity to positively contribute to a recognized social cause.
Consumers are ready to take action towards the code of ethics being endorsed by today’s brands: 19% of global consumers completely agree that they will boycott a brand whose values do not reflect their own, and 44% of shoppers completely/somewhat agree they will pay more for products that support a specific social cause or belief.
Shoppers now have access to more accurate and transparent information regarding products' impact on health and environment, allowing them to make better-informed shopping decisions. However, six in 10 consumers are skeptical about the ethical and environmental claims made by big grocery manufacturers.
Women are slightly more likely to see ethical values as contributing to their wellbeing: 62% of women are more or much more favorable to groceries with ethical/environmental credentials. This percentage is slightly lower for male shoppers at 56%. On the other hand, male shoppers are harder to convince about companies' best practices: 59% of male consumers agree or strongly agree with the following statement: I do not believe that big grocery businesses have my best interests at heart. Female shoppers are less skeptical, at 55%.
Half of Millennials are willing to pay more for products that support social causes, contrasting with 32% of consumers aged over 65. This is interesting when we consider that younger generations tend to have lower levels of income.
Ethical Wellbeing is related to the rise of consumption patterns that commit both consumers and brands to a higher level of responsibility regarding a set of values: social causes, environmental sustainability, animal welfare, fair trade, and health awareness. This trend addresses the need to feel good about consumption choices in everyday life.
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