TrendSights Analysis: Social Responsibility

The desire to live ethically is driving the Social Responsibility trend

Socially responsible manufacturers, suppliers, brands, and consumers strive to limit the negative economic, social, and political effects caused by their actions. As the desire to live more ethical and responsible lifestyles influences consumer choices, brands are responding through being more proactive and transparent in their social responsibility strategies.

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Why? Trend drivers

  • Consumer cynicism about brands is driving demand for ethical action.
  • Consumers are informed about brands actions and take this in account when making purchases.
  • Ethical lifestyles are important for wellbeing, with consumers prepared to pay more for them.

Who? Consumer target

  • Women are the key gender to target as 62% of global female consumers have favorable perceptions of products with ethical claims.
  • Young adults, or Millennials, believe ethicality to be important with 61% of global 18–34 year-old consumers find ethical claims to be appealing.

How? Innovation implications

  • Manufacturers are using QR codes, social media, and online websites to help explain their brands’ stories and success in helping people across the world.
  • Ethical and sustainable sourcing practices, such as organic and fairly traded, are becoming more common as they appeal to ethically conscious consumers.
  • Independent certificates, like that of the Fairtrade Foundation, are being used to prove brands’ sustainability, ethicality, and social responsibility credentials.

Canadean’s latest report “TrendSights Analysis: Social Responsibility; Understanding the issues and impacts of socially responsible consumption” provides insight into how brands and consumers are placing more emphasis on ethics to benefit brands, consumers, and workers throughout the supply chain. Brands can use this trend to grow sales by positioning themselves as the solution to consumers who want luxurious, high-quality products that positively impacts the communities they operate in throughout the world.

Report Information:
Price:
$3,450 (Single User License)
Published: Sept 2016
Publisher: Canadean
Report Format: electronic pdf

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