The Co-op Ethical Consumerism Report reveals that the UK has reached a significant milestone in annual spending on ethical products and investments. Surpassing £100 billion for the first time, this marks a noteworthy achievement and indicates the growing popularity of ethical consumerism in the country. Various factors have contributed to this surge in ethical spending, including adjustments in consumer lifestyles amidst the Covid-19 pandemic and growing concerns about the climate crisis.
One sector that has experienced remarkable growth in ethical spending is the fashion resale market. The report highlights a 23.7% year-on-year increase in overall ethical spending, with the resale sector playing a significant role in driving this growth. The market for second-hand clothing alone has reached £864 million, showcasing consumers’ increasing focus on both financial and environmental sustainability.
In addition to the fashion resale market, the beauty industry has also witnessed a rise in ethical consumerism. Sales of ethical beauty products saw an 11% increase, amounting to almost £1 billion. This growth can be attributed to the shift towards online shopping for skincare products during the pandemic.
The report reveals that the total amount spent on ethical products and services reached £61 billion, representing a substantial 30% increase compared to the previous year. On average, households spent £2,189, which is £489 more than the previous year, and more than double the amount spent in 2010.
Notably, the report also highlights a growing trend of consumers actively boycotting brands that do not align with their ethical, social, or environmental values. This consumer activism led to a loss of nearly £4 billion for affected businesses, marking an 18% increase compared to the previous year. This serves as a stern reminder to brands that they must prioritize ethical and sustainable practices in order to retain their customer base.
Steve Murrells, Chief Executive of the Co-op Group, emphasizes the significance of the report’s findings. He emphasizes that brands must adopt a better approach to business, one that prioritizes the well-being of workers, communities, and the planet. The report serves as evidence for policymakers that they can positively influence change by supporting and promoting ethical consumerism.
In conclusion, the Co-op Ethical Consumerism Report demonstrates the increasing importance of ethical spending in the UK. With the fashion resale market witnessing significant growth and consumers actively demanding greater transparency and sustainability from brands, it is evident that ethical consumerism is not just a passing trend, but a permanent shift in consumer behavior.
Useful Links:
1. Co-op Ethical Consumerism Report
2. The Rise and Rise of Grey Market Shopping
