The WWD article, “Consumer Trends Retailers Should Be Aware of Now,” featured the Russell Reynolds Associates paper, “Diversity & Inclusion in Consumer Companies Today: Where Do you Stand?” The article is excerpted below.
Retailers are facing a smarter, more mindful and often demanding consumer today. Multiple reports and studies have found that not only do consumers expect more from the brands they purchase from but will do research and pay more for what they want.
One of the leading consumer behaviors revolves around an expectation for companies to meet criteria that align with personal social values. Sustainability is a leading theme for the way many consumers shop today, with many consumers even looking to shop largely through resale and vintage retailers.
Concurrently, another recent report by Russell Reynolds Associates, found that 60 percent of shoppers look to retailers to be “part of the dialogue around social issues.” And further, consumers will distance themselves from brands that fail to embrace social values. To truly hit the mark, the report shows that companies must provide a visible commitment to diversity and inclusion.
To read the full article, click here.