This is the Biggest Global Trend Today
/As fashion, food, or exercise trends change throughout the years, so do consumer trends. One year, quality might be all the rage and the next, it’s all about getting goods at the cheapest price possible.
The most recent movement however, is consumers actively choosing brands that are socially or environmentally conscious. In fact, this is true of the global economy and is not exclusively a domestic tendency. This may be because developing countries see firsthand the effects of wasteful and profligate businesses.
Instead, buyers want to see healthy practices throughout the entire supply chain of a business and life cycle of a product- from sourcing practices to retail conditions.
For businesses and individuals, these include practices like...
- Making or purchasing quality products. Made to last= sustainable
- Treating workers fairly and provide just compensation.
- Recycling textiles for production or up-cycling old products no longer in use.
- Renting instead of buying, trading with friends, and buying secondhand.
- Minimizing any negative environmental effect during production for the life of products.
- Ensuring how the good is made and the materials used are not harmful to people or the earth.
- Providing transparency in the supply chain.
- Using renewable energy sources to produce and transport.
The ethical market is still relatively untapped and could be an opportunity for emerging brands to grow. As another consideration, in the increasingly global world, one shred of negative news shared through social media can escalate and destruct a company’s entire reputation in one fell swoop. The risk is too great.
While Made in the USA is another great trend in the mix, consumers should not immediately write off goods made overseas. Many assume companies operating abroad do not provide fair wages or have the ability to ensure healthy conditions. This is a common misconception in the market today.
Minimum wage is higher domestically because we operate under a higher cost of living. If employees abroad made as much as the average American in the same job, this would radically throw off their entire economy, as a factory worker could be making more than a doctor.
Production in developing countries often exists to raise the local people to a higher standard of living. An American-run factory in a developing country often provides men and women a place to work with American labor standards amidst other factory jobs resembling sweatshops. High wages, education initiatives, and health and safety practices are all offered to workers who are eager to seize the opportunity.
If you are a brand aligning with these values, tell the world in your marketing and packaging.
Consumers want to know.
They want to feel good for making a purchase and providing a difference. By providing what buyers want, this will contribute to profit growth while circulating a positive example and message.
As trends come and go, this is one we hope will stick around.