2017 marks the era of truthful consumerism - report

Every day we read headlines filled with fake fews, cataclysmic events, terrorism, political flux and more uncertainty then ever before. Where does that leave brands in the new age of consumerism?

How should brands speak to consumers when half of the world's population is in possession of a smart phone? How can brands and fashion businesses pioneer new eras of growth in a global state of flux?

When everyone in the world can publish their opinion, and see the view of others, how can brands conquer rising polarisation when so many ideas and information exists inside a filter?

The future is defined by progress

The future belongs to those who believe in progress, according to the Truthful Consumerism report released this week by Trendwatching.

Progress, the report states, comes via innovation. Innovating to build a better future, to make better products, to consider the environment and those around us.

This is a uniquely powerful moment to prove who you are as a brand, notes the report: "What you mean, what you believe, and how you make the world better. So your response in this new moment? Harness the power of innovation to build a better future."

Five truths embody the power for brands to unlock the potential of the future. These are transparency, aspiration, positive impact, tolerance and empowerment.

Transparency

Consider this: in a recent survey of over 10,000 consumers from around the world, 78 percent of consumers said it is ‘somewhat or very important for a company to be transparent.’ And 70 percent said that ‘these days I make it a point to know more about the companies I buy from’ (Havas, February 2016).

Brands must recognize that everything they do and stand for is public property. Their internal processes, culture and values are all visible and part of the brand DNA. When Under Armour tweeted pro Trump sentiment back in February some consumers responded by uploading images of burning trainers and publicly distancing themselves from the brand. These negative peer reviews did far more damage than the tweet itself.

Aspiration

Each generation aims to do better than the last. To do better and to get ahead. These values are inherent to humankind are are not going away. As populations get wealthier and the middle classes are growing the race for status isn't only becoming bigger, but also becoming more intense, says the report. The quest for affluence and comfortable lifestyles is as strong as it ever was.

Positive Impact

Adidas last summer debuted a footwear collection made out recycled ocean plastic. Veja, also a shoe manufacturer, makes all its shoes with fair trade materials, including recycled plastic bottles. Companies are moving towards more ethical consumerism, whereby the origins of product and processes can be traced from beginning to end. 73 percent of consumers think brands have a responsibility to do more than simply generate profit. Bigger, cheaper, faster and shinier are not the only drivers any longer.

Tolerance

Fashion bible French Vogue this month featured a cover of a transgender model. AirBnb recently offered free accommodation to people affected by Trump's travel ban. As diversity and urban globalization take the world by storm, inclusivity breeds tolerance and tolerance fuels connectivity.

Empowerment

People trust other people like themselves more than representatives of traditional power centers, notes the report. Which is why in 2017 if you are a brand you need to be asking 'how are we empowering our customers?'

In the end, the only insurance against destruction as a brand is to be creating authentic, meaningful value to consumers and the world at large.

Trendwatching was established in 2002, and helps business professionals in over 180 countries understand the new consumer and subsequently unlock compelling, profitable innovation opportunities. For the full report visit www.trendwatching.com.

Photo credit: Veja fair trade, source: Veja Fabecook; Adidas x Parley Ocean trainers, source: Adidas Facebook