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Conscious Consumerism By: Shikha Makhija (K J Somaiya Institute of Management)
Let’s go back to thinking about your trips to the grocery store. When you glance through aisles of endless drinks, food, and many other products, do you actually consider the impact of every product while making a purchase? Do you actually sit and understand the after effects of using the products on the environment? Most of us focus on the price of the product, often by the necessity. But, sometimes, we may also consider where has this egg come from? In what condition was the chicken breeding and living? What kind of impact did this have on the environment? Yes, some of us think about a product’s social impact while making purchases. It is important to think about what kind of questions do you ask yourself while going shopping.
Introduction Let quickly have a look at the definition of Conscious Consumerism: When buying practices are driven by a resolution to making decisions that have a positive economic, social and environmental impact is what Conscious consumerism is. In simpler terms it is a step taken by the consumers to buy ethical products, avoiding ethical companies and sometimes not making any purchases at all. In this way, a consumer who is conscious about the environmental and social impacts, would think twice before making any purchase and would avoid the unnecessary buying. This also impacts the companies who produce these products and hence it drives them into the direction of going green and caring about the environment. Conscious consumerism has been a trendsetter in many countries and is growing day by day. As per reports in GWI (Global Web Index), 62% of eco-conscious consumers in the UK and U.S. agree to it that eco-friendly products are better for their health. As per statistics, there is a high percentage of population who have agreed that they would pay more for eco-friendly products. The diagram below shows that Millennials (age 22-35) are leading as they are more aware about the dynamics of the economy and they are the future. They are the population that drive our country and are quite experimental with changing environments.
