In times when one food scandal chases the next one and when the news is covered with reports about miserable working conditions and accident disasters in various countries of textile and furniture manufacturing, consumers are increasingly unsettled.
The Movement
“Good” products are no longer measured by their attributes, but by the stories they tell and their socio economic footprint. Trust is not a given fact, but has to be developed continuously and through transparency companies can establish confidence among their customers. What emerges is a new type of critical customer that knows his power in a world of sharing and social media. The closer a product is to the body, the more sensitive the customer reacts.
The movement of “Fair Trade” is growing globally. It is the need for certified products in which people can believe in. On the one hand, because it is important where products and their components come from. On the other hand, it also matters that there was value added in the region of production. Environmental protection, resource efficiency and corporate social responsibility change the economic system in the long term. Growth in the future will be generated by a new mix of economy, ecology and social commitment. Certainly this also opens a multitude of possibilities for cheating and the fake environmental promotion (Green washing). That subject will be left for another post here on Jazzy Jobber.
The Opportunity
For a long time Fair Trade products were limited to crafts and coffee, but as the Wall Street Journal recognizes in an article in 2015, “Fair Trade becomes a Fashion Trend”. And by the way, it’s not just fashion, but also home decor.
For companies in the Home Decor industry working with fair trade products may be a way to be different from the competition. It also shows that the company cares about social standards and sustainability. This can lead to gaining new customers who appreciate the added value of Fair Trade products. Last but not least, Fair Trade is an interesting growth market and the demand for fair trade products is rising.
Sources:
- Fair Trade – Von der Nische zum Trend; Zukunftsinstitut 2016
https://www.zukunftsinstitut.de/artikel/fair-trade-von-der-nische-zum-trend/
- “Fair Trade“ becomes a Fashion Trend; The Wall Street Journal 2015
https://www.wsj.com/articles/fair-trade-becomes-a-fashion-trend-1436307440
