Has Coronavirus Developed An Ethical Consumer Revolution?
Consumerism is the most significant fuel for economic growth. The retail business in India and Delhi NCR has always been a one without entry barriers, thus flooded with many different brands. With brands thriving to showcase their potential value and finding the right target segment to capture sales. Since the global pandemic hit us, it became even more difficult to stick around and be visible in the crowded market. The global economy has borne a severe hit with the GDP shrinking by over 3 per cent in 2020.
Many citizens in India are suffering from a cash deficit, unemployment and even poverty. Over 36 million have filed for unemployment benefits, which is almost a quarter of the working-age population. Data has shown that people have become more conscious about how they shop and what they shop. It is believed that in most countries, consumers intend to continue shifting their spending to essentials while cutting back on most unwanted categories.
The Covid-19 scare made people realise the importance of health. In every part of the world, people are trying new ways to boost their immune system, taking vitamins, boosting their health to save from this dreadful illness. The importance of eating clean and fresh consciously grew to an extent where grocery stores were the only one making profit in this plummeting economy. Food and household categories have seen an average of over 30 per cent growth in online customer base across countries. Our country witnessed the ascent of immunity-boosting products like drinkable beverages called 'kadhai' that boosted the immune system.
The shift in consumerism was not only in what we shop but also how we shop. People, especially in India, saw a change in shopping style from personally visiting, touching, feeling, and picking things to now shopping virtually by using the internet. Consumers of every age started to learn how to shop in the convenience of their homes. It was seen that they began to embrace technology more than ever to support all aspects and consequences of isolation.
Given the change in shopping style, many traditional businesses were seen to adapt to this changing behaviour. Companies shifted their focus on digital vs traditional tools to engage with consumers and improve their experiences. Sustainable consumption is not directly related to a drop in consumption revenue only. It means development to consumption patterns that are less destructive to the planet, enhancing basic human needs and enhancing well-being. Brands need to change their way of production, manufacturing and delivering and become successful. They have to re-evaluate their manufacturing procedure and model of business.
The effects of lockdown have initiated the concept of buying based on need and not greed however its merely a matter of time that people get back to their old habits leading to increase in unconscious greed based purchasing. That will lead to unethical practises, over consumption, over production and thus affecting both the environment and ethical practises.
