consumer values

The ongoing pandemic has created a change in people’s relationship with technology, work, consumerism, and the world.

That’s why companies have had to shift their approach to innovation, design, and growth.

These days, people have a growing sense of agency over how they’re able to make purchases, re-enter the workplace, and relate to other people.

For example, according to a study, about half of the US population has stated that they’ve either already stopped, or are ready to stop purchasing as much apparel, footwear, and furniture in order to become more sustainable.

Additionally, consumption that’s driven by consumers’ values is continuing to rise all over the globe. In fact, products and services that are marketed to be sustainable tend to outperform their conventional counterparts across a number of categories.

That’s why companies should find a balance between sustainability and affordability, and innovate in that segment of the market.

At the end of the day, most consumers tend to do their best and find a balance between their basic needs and the good of the planet when trying to make the best possible purchasing decision.

However, at the front of the mind of businesses should be caring for others, which means both in terms of self-care, as well as caring for other people.

That’s why companies should be striving to create both challenges and opportunities for employees and consumers alike.

The responsibilities around caring for one’s self and others are going to continue to be highlighted and prioritized in the coming months, as over 70% of people these days consider wellness to be a core element of any brand’s strategy.

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In order to build relationships with them that are based on trust, brands and corporations should not only state but also show how they are caring for their employees and consumers. A great example of this has been Unilever, which managed to adjust its communications strategy to highlight feeling instead of looking better.

The brand also removed the word “normal” from its personal care and beauty brand recommendations. Another instance is Nike, which has been coaching both its athletes and its customers on how important self-care is for everyone.

While consumers are changing their relationships with themselves, the people around them, and the rest of the world, companies are facing two big responsibilities.

The first one is taking care of today’s world, and the second one is building a sustainable future for the planet, society, and the companies themselves.

Additionally, the upcoming changes with the introduction of the metaverse are going to create an even bigger shift in digital behavior and culture.

Whether or not a company is successful in the metaverse is going to be based on how well it understands its consumers and how they exist in this new universe.

One of the defining elements of the metaverse is that people get the opportunity to present themselves however they like, which means they’re able to escape the limits of the physical world while spending time in the virtual space.

Those changes are going to be bringing even bigger shifts across consumer markets, and companies should start preparing for them before it’s too late.

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Ronn Torossian is the founder and CEO of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected Public Relations professionals. Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 175 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, and a 2020 Top Crisis Communications Professional by Business Insider. Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, was named to PR Week's "40 under Forty" list, is a contributing columnist for Forbes and the New York Observer, and his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations" is an industry best-seller. A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities.