Experts sense, that as a generation we are entering a new economy backed by redefined ideals for consumerism. This new economy is called the Kindness Economy.
Money flows where Kindness shows..
Dr. Bill Conerly, an economist had mentioned that Kindness drives the new economy as early as 2017. Recently, Mary Portas, an expert retailer shared her views on how brands need to rebuild relationships with customers to address this new era of goodwill.
The kindness economy, rather than being a trend, can be considered a shift in consumer mindsets, as more and more people are paying attention to the ideals of the company beyond its products. The Covid hit market has presented itself with many opportunities to rise in support of various concerns and real causes. Authenticity and transparency towards social causes are now being prioritized over product prices. This lets the brands drive some real and positive change, more so, these aspects are becoming the determining factors in whom consumers decide to place their loyalty and money in.
Has the value system already changed ?
At many instances the marketerers have tried to understand this new shift in attitudes. Many times the reasons for a failing market have been misread, but in reality have we failed to acknowledge the shift of value system in the new age consumers ? We have moved far from More is Better to thoughtful decisions and conscious consumption patterns.
“This new era, The Kindness Economy, is going to be about sentience. It’s going to be about care, respect and understanding the implications of what we are doing.”– Mary Portas
No more about the biggest, the fastest, the cheapest but organisations are self evaluating on parameters of people, planet and profit in the same order. This increased awareness is still in the early stages and there is a long way to go. The change has started to take place and will continue to become more important to businesses and consumers in their own ways.
Are you on a lookout for GOOD brands too ?