Conscious consumerism: How brands are rising to the challenge
From cutting back on red meat to upcycling clothes, conscious consumerism is on the rise and it has very real implications for brands across a variety of sectors.
Brands may be accustomed to shoppers demanding new products or features that better suit their changing needs. But such is the growing fear over the climate crisis that an increasing number of consumers have deployed the nuclear option: they are reducing what they consume, full stop.
Whether they are repurposing clothes with practical needlework skills, reducing their meat and dairy intake, or giving up on car ownership, a significant number of consumers are cutting back on consumption.
Prior to the Covid-19 outbreak, conscious consumers were seen as the biggest threat to clothing and footwear retailers in 2020, according to GlobalData. In late 2019, the research group asked consumers about their intentions for the new year and found that nearly a fifth (19.2%) were planning to spend less than usual.
At the time GlobalData lead retail analyst, Sophie Willmott, noted that 48.9% of these consumers were making a conscious effort to buy less stuff.
