According to retail giant Co-op, ethical consumer spending and finance in the UK has hit historic highs of 122 billion pounds, yet brand boycotting has increased dramatically.
According to the Co-annual op's Ethical Consumerism Report, which measures consumer shopping patterns, Britain's 'green pound' has gone past the 100 billion pound threshold for the first time. The 'green pound,' according to the grocer, has more than doubled in ten years, from 51 billion pounds.
It further stated that British consumers are increasingly withholding money in order to boycott brands owing to social or environmental concerns. Ethical boycotting has increased to nearly four billion pounds, a new high that represents an 18% increase over the previous year.
Steve Murrells, CEO of the Co-op Group, said that their Ethical Consumerism Report is a barometer on consumer behavior, and buyers are turning up the heat to boycott businesses that fail to act on ethical or social concerns. The research serves as a warning to brands that they must conduct business in a more responsible manner for workers, communities, and the environment, while also providing clear proof to policymakers that they may positively impact change.
Concerns about Fairtrade, animal welfare, and sustainable food sources now account for nearly nine billion pounds in consumer expenditure, according to the report. Businesses with independent certifications, such as the Rainforest Alliance and RSPCA Freedom Assured, all increased in value as they continue to assist consumers in their purchasing decisions.
Furthermore, the study discovered that second-hand clothes sales reached 864 million pounds, indicating that British customers are turning to garment reuse. Furthermore, the ethical cosmetics category increased by 11% to nearly one billion pounds, owing mostly to the pandemic-led shift to online shopping.
Murrells added that he had the luxury of attending COP26, and while they can all agree that the summit did deliver some progress, the real work now begins. Every company has a job to play, and they're well aware that one of theirs is to assist educate customers on how they can make a difference by changing how they shop. And they know that by working together, they can accomplish more, which is why they've committed to halving their environmental impacts by the end of this decade with their supermarket counterparts.
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