Change in consumers behavior has led the companies in the fast- fashion industry with difficult challenges
The problems coming from the fast-fashion industry has never before been more evident. With the mass-production and the customers constantly wanting to change up their wardrobe is a combination designed not to be sustainable.
The change in customer's behavior has led to people not just buying clothes because they need something to wear but because they need the newest clothes from the newest collections.
There has, however, been a change in what customers expect regarding the company's responsibility to produce their clothes more sustainably. This has put a huge amount of pressure on the fast-fashion industry. Consumers are now demanding more sustainable clothes with the continuing of low prices.
With the change in preferences in consumers, a lot of companies have seen a positive result by using corporate social responsibility in their business models.
So, the question arising from this is, what is more important; low prices or sustainable products? In this essay, the importance of corporate social responsibility will be discussed both from the view of the manufactures and the consumers. Furthermore, some of the main challenges that the fast-fashion industry is facing will be analyzed.
With the increasing focus on sustainability, companies now have a big opportunity to attract a huge number of customers with the use of corporate social responsibility.
The change in consumers behavior has made it possible for companies to bring in customers from companies who do not embrace the use of CSR” Consumers are keener than ever to support companies who demonstrate great CSR policies at the heart of their business models” .
Since companies can draw in new customers with the use of CSR, there will be a greater motivation for companies to be more ambitious about their goals regarding sustainability.
This could result in very positive progress for companies if they can have a greener production combined with economic prosperity. An example of a company that is making sustainable products is Adidas.
In 2017 Adidas started to make one of their most popular shoes, Ultra Boost, out of waste products such as plastic bottles. The production of this shoe has resulted in over one million pairs sold .
This is a good indication that even the biggest companies are aware of the importance of CSR if they want to keep their position on the market.