Flaunting Socially Responsible Consuming
We are at an interesting crossroads in consumer culture. Where luxury purchases used to be the ultimate sign of affluence or, at least, aspiring affluence, more consumers now may be driven to make conspicuously conscious purchases. According to research co-authored by Aronte Bennett and mentioned in her MediaPost article, corporate social responsibility (CSR) seems to be becoming a strong motivator influencing consumers today – even in these bad economic times. As she put it:
In a variety of experiments, our research found that consumers like CSR-associated products for two distinct reasons.
First, the fact that these products send out highly visible, social signals to their friends, family and co-workers regarding their kindness and charitable nature.
Second, they like the more private, self-signaling potential associated with the purchases of these products, even when a strong public social signal is absent to others.
These consumers like the visibility of what they are doing and they also gain in self-regard. This is sounding familiar, like a whole other market: luxury.
While various types of CSR-related buying seem to be on the increase, the luxury market is facing new challenges that, interestingly, also relate to shifting values. According to Mark Dolliver of AdWeek, the “appetite for luxurious ‘pleasure or comfort’” is not holding up. But, consider this comment Dolliver makes about that industry’s targeted consumer, which also quotes Greg Furman, chairman of the Luxury Marketing Council:
“…when they do spend, this means bringing a more critical kind of thinking to the process. They’re more value-driven. …They want to understand the price/value equation.’” ‘
More critical thinking and more attention to value, which may well include “values.” That IS sounding suspiciously like a more socially responsible market! Haven’t social responsibility and luxury always been a bit “n’er the twain shall meet?” Interesting.
Given the idea that a luxury consumer’s interest previously had something to do with making a statement about themselves, what happens when you fold this increasing CSR “social signal” into it? Will the consumer’s self-interest, in such a case, be more along the lines of, “if you’ve got it, flaunt how socially responsibly you use it?”
This could potentially be one perfect storm of bad economic times and changing consumer values and behaviors that align for the collective good. Keep a watchful (and hopeful) eye out.
Note: Just in – new global research from Edelman finds: 83% of respondents are willing to change consumption habits if it can help make the world a better place to live.
