Modern Affluence
On Friday Mission Critical attended the first Modern Affluence Summit conceived by Adoreum, Keko London, Vice and Bloomberg Media, the summit was billed as providing a unique set of insights delivered through a curated agenda of global brands and business leaders. It did not let the audience down.
For us the highlight of the intensive morning (and let’s have more conferences and summits that cut out the fluff and deliver a concentrated session which still allows time for work) was listening to the entrepreneur Dominic McVey talk passionately about the ethics of business and the integrity of the supply chain.
Some facts;
70% of young consumers surveyed by Accenture believe that refusing to buy from brands or criticizing them on social media can make a difference in how companies act.
Gen Z and millennial generations - particularly feel a strong affiliation to retailers that subscribe to a larger purpose, according to the study of more than 2,000 UK consumers.
More than six in ten younger consumers closely consider a company’s ethical values and authenticity before buying their products, the research found.
More than half of Gen Z and millennial consumers said they were likely to boycott brands that don’t reflect their values and beliefs.
That’s a heavy steer for products and services who seek that demographic and this heightened awareness is only going to increase and cascade UP the generations.
Many brands work on the basis that the desire for more and new trumps the ethics - why have one ethically sourced t-shirt when you could have four that have a more dubious linage ? McVey made a powerful case as to why that’s an argument which is wearing thin and it’s hard not to agree with him that transparency and ethical sourcing is going to be a key requirement for brands - including the ‘high street’.
Far from being a cost of doing business this approach is an advantage, providing differentiation and a compelling narrative for brand and consumer.
About the Modern Affluence Summit
The Modern Affluence Summit brings together the disruptive and brave to provide unique insights into how this audience spend their disposable income and the implication for brands looking to grow their share of wallet. The brainchild of Marcus Watson of Adoreum and Ben Whattam of Keko the first summit was held in London, next stop New York.
About the Author
The author is a brand consultant and founder of Mission Critical, a high focused and curated weekly briefing for time poor and information hungry decision makers.
