1st October, 2018
There’s growing evidence that consumers are trying to act sustainably and that they expect the same from businesses. So when it comes to buying, they’re doing their homework – they check labels before purchasing, they look online for information on manufacturing practices and they pay attention to public opinion on social media.
The latest Ethical Consumer market report (2017) reported that the overall value of ethical spending in the UK grew by 3.2% to £81.3 billion in 2016, which equates to an average spend of £1263 per household. Levels of inflation rose in 2016 and this led to both increases in retail prices and a reduction in disposable income. Despite this, the market for sustainable and ethical goods grew.
Our article published in the August 2018 edition of Business Cornwall magazine considered what this means for businesses in Cornwall.
Read the full analysis here on the Cornwall Business Observatory.