Are we getting more ethical?
Is the COVID – 19 pandemic having a lasting effect on consumer choice?
For a lot of people, the pandemic has allowed people to take some time for reflection, or to work towards personal goals. Whilst this statement leans heavily towards those on furlough compared to key workers that have been kept busy, there is no doubt that with social distancing comes more time to oneself.
The effects of furlough and unemployment will have obviously have effected consumer choice by encouraging conservative spending towards more essential items. This can be seen in a survey by Accenture of more than 3000 consumers in 15 countries. In this study, consumers are shown to be purchasing more hygiene products and fresh food, and less fashion and consumer electronics.
What else did the survey show?
- 60% of people are spending more time on self-care and mental well-being and exercising more at home.
- 50% of consumers are shopping more health-consciously and aim to continue to so do .
- 64% of people claim to be focusing more on limiting food waste, an effort which they hope to carry on past the pandemic.
- 45% of consumers say they’re more sustainable choices when shopping.
On top of this, consumers are getting much more comfortable purchasing products and groceries online, with this trend projected to continue to increase. Whilst there are arguments on both sides, there is a general feeling that e-commerce is slightly greener, and the access to more product information may effect consumers towards more ethical goods.
What about the environment?
A few weeks into lockdown, reports were coming in around the globe of ecosystems already beginning to recover from the reduction in human impact. These uplifting stories of the waterways of venice running clear and the skies being cleared of pollution have clearly given people hope. This seems to have inspired some people to care more for the environment with their consumer choices.
One such example of this has been the massive increase in consumer choice of vegan products. Vegan meat sales increased by nearly 300% during March, an American study found. A reason for this could be the vegan diets well known lesser environmental impact, or a general effort to prevent another zoonotic disease pandemic such as COVID-19.
How does this benefit business?
With consumers clearly favouring more ethical choices, and national efforts to support local businesses and the economy, now is a great time to be promoting the ethical sides of your company. Viral social media posts showing support for ethical decisions made by companies are popping up everywhere, such as Home Bargains setting up their own £3om coronavirus fund to help staff through the pandemic. So perhaps it could be a good idea to re-evaluate your companies ethical standing, or highlight your good deeds to the local community.
What are your thoughts?
We’d love to hear from you on our twitter @mindthebranduk