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Buyer behaviour in the Age of Conscious Consumerism

Buyer behaviour in the Age of Conscious Consumerism

Environmental influence

In 2022, a record-breaking number of consumers are being influenced and driven to brands that represent their ethical values. More than “50% of consumers prioritise health, social or environmental issues” when deciding which products to buy, and which brands to buy from.

In research conducted by Deloitte in 2022, issues around sustainability were recorded as the primary concern for UK consumers.

Climate change and sustainability are not new concepts, but in the last 5-10 years, consumers all over the world are becoming more impacted by the dangers of global warming. Making the conscious choice to buy from environmentally ethical brands is a significant way of contributing to sustainability.

Prioritising values

‘Conscious Consumerism’ is not just about making the most sustainable choice if or when it is available. More than ever, consumers are willing to go without rather than invest in an unethical brand or product for the sake of the environment. Statistically, the most environmentally conscious consumers are Generation Z.

Generation Z is built up of people born between 1997 and 2012 and they currently account for 40% of all global consumers. While these dates may not seem like that long ago, the oldest members of Generation Z are turning 25 in 2022. With online retail encouraging younger people to enter the consumer market much earlier than previous generations, it’s not difficult to comprehend how the tech-savvy Generation Z dominate so much of the consumer market. Their prominence in the consumer market will only grow and the value-driven ethics will only influence future generations.

With at least two-thirds of Generation Z willing to pay up to 48% more to purchase from a purpose-led brand, businesses cannot afford to overlook their demands.

Although Conscious Consumerism is currently led by Generation Z it is far from limited to them. ‘More than a third of global consumers are willing to pay more for sustainable purchases.’

Greenwashing awareness

With the increase in Conscious Consumerism over the last few years and more buyers willing to invest in brands driven by environmentally friendly purposes, businesses have been quick to adopt this as part of their brand and ethos. Unfortunately, that doesn’t necessarily mean the businesses have actually implemented the sustainable practices they promote.

This deception is known as Greenwashing which defines businesses falsely branding their products or processes as eco-friendly, green or sustainable to mislead customers.

The UK’s ‘Competition and Markets Authority implemented its Green Claims Code in September 2021 to protect consumers from Greenwashing’ which has increased regulations and sanctions for businesses guilty of false sustainable advertising.

However, businesses genuinely promoting their sustainable efforts should be aware of the increase in their consumers’ scepticism over the trustworthiness of their brand.

Driving values with data

Through accurate, real-time and in-depth data analysis, your business doesn’t just have the power to better track and understand your customers’ behaviour. You also have the power to make more proactive changes to your business to boost customer experience.

With powerful integrations across your website, marketplaces, trade portals and CRM tool, you can gather a wealth of data and insights on customer behaviour. Through this, you can identify trends and more easily assess how your customers’ ethics and values are impacting their buying habits.

This level of visibility on your customers’ behaviour enables you to optimise sales your potential by assessing what they are buying or not buying and why. Through this in-depth analysis, you can better target your demographic and seamlessly scale your operations to meet and even exceed your customers’ growing expectation.

In OrderWise’s latest white paper, we’re exploring the changes and challenges Conscious Consumerism is bringing to modern UK businesses, as well as how they are expected adopted their processes in the fight against climate change. Find out more here.