23 Feb 2023 | Retail & CPG | infographics
Demand elasticity with respect to political sentiments is creating major headwinds in the US market. But how exactly is this unraveling in 2023?
Brands are confused about whether they should participate in the ongoing movement of socio-political alignment, something their consumers seem to be yearning for quite a lot especially since political activism became inherently connected with social media platforms: take "black lives matter" or the "Metoo movement". From being accused of "woke-washing" to losing record sales because of purchase boycotts for not being political activists, one wrong move can bring companies unwanted negative publicity.
Despite all the confusion, one can't deny that the market's predisposition for political tribalism is driving today's consumption trends, and brands must tune in to keep up as the consumer evolves with a more social empathy-motivated purchase intent re-alignment.
To buy, or not to buy? That seems to be no longer a question as purchasers are surprisingly clear about what they certainly do not want. Hence, Jasper Colin presents the results of our investigation into Americas political consumerism revealing why brands need to update ASAP!