The era of conscious consumption has truly begun, according to Julius Baer
Consumer commitment to buying ethically and sustainably has taken off, according to Julius Baer’s Global Wealth and Lifestyle Report 2021. The report takes a basket of consumer goods and services that reflect the HNWI lifestyle and analyses their prices in 25 key cities around the world.
Becoming more conscious as a consumer is not a new trend, rather it has been accelerated during the corona crisis, according to the findings. Conscious consumption touches almost all areas of everyday life: our food and our fashion, the way we commute, and the way we travel. The question is what impact we make.
Examples the report draws on include changing our eating habits, moving from fast fashion to slow fashion, considering new ways of getting around and embracing ESG from both a purchasing and investment perspective.
Nicolas de Skowronski, Head Wealth Management Solutions and Member of the Executive Boards of Julius Baer said: “More and more, we are seeing our clients trying to make their assets work for future generations – their own descendants, but potentially also for the world at large, be it through foresighted planning, impact investing, sustainable solutions, or philanthropy. It is our role as a wealth manager to support this positive shift by helping them to make educated choices and better understand the broader implications of their investments.”