What does it mean to be wealthy in 2022 Part 3 : A New Type of Conspicuous Consumption
A New Type of Conspicuous Consumption
These days, a new sort of conspicuous consumption on the rise. COVID-19 only exacerbated this new trend of environmental, social and governance (ESG) practices that make a company more fashionable and attractive to consumers if it ticks off certain boxes.
Inditex is one of the best, large-scale examples of fast fashion adopting the ESG model to appeal to ethically-motivated consumers. Inditex is a trailblazer in the fast fashion industry because it enforces strict environmental, social, and health guidelines for all of its factories. This means higher profit margins for Inditex and better feelings of goodwill from customers.
Companies that epitomize ESG policies, such as AstraZeneca, also tend to do well because they offer solid returns and lower risk. by educating young people through the Young Health Programme (YHP) about diseases that can be attributed to habits that people typically take on when they’re young, such as smoking.
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