This report looks at how the Ethical Living megatrend has evolved during the last 12 months, how developments in the key drivers of megatrends; shifting economic power, technology, populations change, environmental shifts and pressures and changing consumer values, have impacted and explores future scenarios and the implications for business.
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There is an increasing appetite for products that reflect ethical consumers’ shift to more sustainable lifestyles.
This has positioned sustainability as a top priority for corporations, with the proliferation of voluntary commitments and the launch of sustainable products and innovative services across all industries.
Transparency and traceability can help to close the “ethical gap” between consumers’ desire for ethical products, and their willingness to pay more for them.
Aware of this, manufacturers are using blockchain to meet consumer demand for transparency, and to build strong emotional connections with consumers, allowing them to look into the product’s sustainability history and details.
As consumers increasingly differentiate brands by their green values and sustainability credentials, there is a rise of “purpose-driven” brands that incorporate ethics into their core business strategy.
Companies at the forefront of sustainability are looking for ways to inspire and engage all stakeholders, including their suppliers, retailers, logistics companies and consumers to be part of the solution, and not just the problem.