Socially Responsible Retail Gains Momentum
Pro Tip: Consumers demand more from retail brands than just being merchants in today’s society. Brands that create physical environments that promote not only products — but also what the brands stand for — is key to creating meaningful connections with shoppers.
New purpose-driven brands are expanding via brick-and-mortar footprints to tap the growing number of conscious consumers, whose buying practices are driven by a commitment to make impactful purchasing decisions.
Key Growth Drivers
- Consumers’ awareness of climate change is surging, as two-thirds of global consumers mentioned they were concerned about the topic in 2022, according to Euromonitor’s “Voice of the Consumer: Lifestyles” survey.
- 64% of consumers feel a brand’s social responsibility efforts are important to them. This number rises to more than 67% for millennials and Gen Z, according to 360 Market Reach.
- More than two-thirds of younger generations say their choices are influenced by environmental, social and governance factors, according to McKinsey & Co. Paramount among their concerns is that companies are transparent and show they care for employees, customers and others in their communities.
Here’s Retail Leader Pro’s roundup of new brands that are retailing for good:
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