The US Supreme Court's Affirmative Action ruling impacts corporate Diversity and Inclusion initiatives, yet the consumer demand for inclusive products and services remains robust, fuelled by the trends towards individuality and fairness-seeking. This drive is prompting innovative solutions across health and beauty, food and drinks, luxury and fashion, and services industries, as highlighted in Euromonitor International's report.
This report comes in PPT.
The recent US Supreme Court decision on affirmative action surprised Diversity and Inclusion advocates. Yet, despite critiquing the race criteria in admissions policies, the ruling encourages more comprehensive recruitment practices, benefiting all population groups and leading to more inclusive working environments.
Motivated by consumers' pursuit of fairness and individualism, diverse product portfolios prosper amid uncertainty, offering abundant prospects for ongoing corporate growth. Though gender and race traditionally anchor this megatrend, companies are pioneering strategies to inclusively reach more underrepresented groups.
In the 2023 Euromonitor survey, Generation Z registered the highest among all generations’ discomfort with expressing their identity. One in seven in this group felt a lack of societal acceptance. This is noteworthy as Generation Z, known for its cultural diversity, connectivity, and values of equality, is to become the most significant spender in the coming decade.
In premium formats, particularly in the beverage and apparel industries, brands use Diversity and Inclusion as a trait to convey a statement about the consumer's identity and individuality. Consistent efforts over time exemplify the enduring impact of Diversity and Inclusion in marketing and internal values, fostering consumer loyalty.
The shift towards conscious consumption partly manifests through the prioritisation of Diversity and Inclusion. While products may share similar traits, the capacity to amass a consumer base and generate customer traction often hinges on the founder’s and the company’s identity.
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