LONDON, United Kingdom — For decades, a brand’s only priority was to create the best possible product at the most competitive price to ensure sales. But as consumers develop a more comprehensive understanding of issues like sustainability, authenticity and transparency, brands and retailers are being forced to change the way they sell in order to survive.
This change in consumers’ attitudes has a term — “new consumerism” — coined by research firm Euromonitor. “[Its] about today’s consumers reassessing their priorities and increasingly asking themselves what they truly value,” says Sarah Boumphrey, Euromonitor’s global lead of economies and consumers. “[And] conscious consumption replacing the conspicuous consumption of yesteryear.”
As customers reassess their priorities and question what they truly value, BoF outlines the 10 factors that define new consumerism, and what this change in shopping habits could mean for fashion brands and retailers.
1. Provide Transparency Into Your Business Practices
2. Demonstrate Authentic Brand Values
3. Create Sustainable Processes