Most of us today have an inkling as to what conscious consumerism is and if you have chosen to read this article, your curiosity has certainly piqued further.
To remove any doubt though, let’s have a closer look at exactly what it is that defines conscious consumerism.
Grow Ensemble sum it up really well:
“Conscious consumerism is when buying practices are driven by a commitment to making purchasing decisions that have positive social, economic, and environmental impact.”
Conscious consumerism focuses on making positive decisions throughout the buying process, with the intention of helping to balance some of the negative impacts that consumerism has on the planet.
A conscious consumer understands that he or she can vote with every purchase they make by opting to spend their hard earned cash on products and services that support fair trade, minimise environmental impact, promote sustainability and are eco-friendly.
Factors such as pay equality and humane working practices also drive this type of consumption.
By people using their purchasing power to consider the impact on the environment or in society, or even just in their communities, and being influenced by this before making a buying decision, today’s consumer has a major role to play in forging a our collective future on this planet.
So why should we care?
The short answer is we should all care about the impact our decisions have on the planet, on our communities and on society.
We are in the age of information (and sadly disinformation), so there really is no excuse to be unaware of the impact our buying decisions have on industry and the need for us all to work toward a more sustainable future.
As a business owner, brand manager or CEO all you need to look at are the market trends and where global consciousness is heading to realise that the conscious consumer is YOUR customer too!
A Nielsen Global Survey of Corporate Social Responsibility report published in 2015, found that three out of four Millennials were willing to pay more for sustainable products.
It also found that of those surveyed, 51% of Boomers (aged 50-64) were also inclined to pay higher prices for sustainable products.
There are many ways for a business or brand to balance it’s ‘ethical books’.
It all depends what level and type of responsible consumerism you want your business to promote.
When a brand starts investing in CSR initiatives and becoming actively involved in the local community, brand awareness and recognition increases.
This can have a positive impact on a brand’s reputation, and equity which, in turn, helps attract new customers while also retaining existing ones.
That, again, translates into financial value and, in turn, brand value.
So what’s the next step for your brand?
Read our recent blog, Eight questions every purpose-driven brand should ask, and then drop us a message on the form below and let us help create a strategy to enhance your business with a ‘for benefit’ business model.
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