Sustainability and ethical marketing

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Consumer trends for 2023 reveal a major shift toward making purchasing decisions based on personal values ​​and brand alignment . This is not surprising, and something WSI has been tracking for some time when it comes to purpose-driven brands.

Key criteria for these decisions include environmental bangladesh whatsapp number database sustainability and ethical practices. A 2022 Deloitte report highlights that 40% of UK adults choose brands with sustainable environmental practices, and that 37% prioritise ethical values. It is noteworthy that the higher the annual income, the greater the attention paid to ethical principles by consumers.

A DMA report found that 59% of individuals with an annual income of over £75,000 (or $100,000) prefer the option of filtering products based on their values ​​when shopping online. Still, the current crisis in the cost of living suggests that some consumers are choosing affordability over everything else.

The 2023 Marigold Report reinforces this outlook, with 60% of consumers expressing pessimism about rising costs of living. Amidst all this, half of these people are making fewer impulse purchases and waiting for discounts, loyalty benefits or special offers from their favorite brands. Marketers must navigate this volatile market by creating special offers and loyalty schemes that generate customer retention.

Generation Z and millennials have been found to be more inclined to make more conscious purchasing decisions. DMA reported that in 2020, 53% of people aged 16-34 were willing to spend 5% more on ethical products. According to DMA, when making online purchases, young consumers aged 25-35 prefer to filter their product lists based on their values. Generation Z and millennials tend to buy from brands that support social causes ( Hubspot, 2023 ). The influence of this demographic on social opinions is evident in their strong reactions on platforms such as Tik Tok and Reddit.

Additionally, diversity and inclusion play a key role in consumer preferences. A Forbes report indicates that 61% of consumers consider diversity in a brand’s advertising to be important, with 38% more likely to trust brands that showcase diversity in their campaigns and engagement. This trend highlights broader ethical concerns that consumers have beyond sustainability and the environment. Brands looking to establish trust and loyalty must go beyond merely mentioning sustainability and include broader topics such as diversity and inclusion in their marketing efforts.