THE ME-CONOMY — HOW PURPOSE GOT PERSONAL [REPORT]
May 23, 2023
Havas unveiled the latest edition of its global Meaningful Brands report, charting how rising cynicism among consumers (originally identified in 2021) was shifting to an expanded idea of purpose that was more inward-looking and personal.
The report’s findings demonstrate that while brands’ actions to drive societal progress, inclusion and sustainable behaviors have become more important and expected, people are examining everything through the lens of “me” in the face of more challenging and uncertain times.
Meet the “Me-conomy.” In the “Me-conomy,” brands need to act decisively to drive social change and progress, but they’re also expected to provide everyday joy, support mental well-being, make life easier, offer affordable indulgences and more. And brands’ good works, while expected, are no longer to be lauded as heroism. In today’s “Me-conomy,” consumers want brands to help them lead as participants and activists in driving social change.
For the last fifteen years, Havas has been dedicated to understanding and building Meaningful Brands™. Its Meaningful Brands™ report is a landmark study of brand value that interrogates new behaviors, shifting cultural dynamics, and priorities for businesses and brands in a complex world. This year’s Meaningful Brands™ report surveyed 91,000 people (about the seating capacity of the Los Angeles Memorial Coliseum) across ten global markets (Australia, China, France, Germany, India, Italy, Spain, Mexico, US, UK), along with 1,300 brands across 42 categories.
Key findings influencing the “Me-conomy” highlight new ways people are navigating and experiencing a world rife with change and challenge:
- 72% are tired of brands pretending they want to help society when they just want to make money.
- 68% think that the world is going in the wrong direction, at a global level.
- 1 in 3 people report being personally affected by at least one crisis on an everyday level.
- 1 in 3 agree that companies/brands should satisfy their individual needs first before taking a wider role in society.
- 71% of people believe that companies and brands should be doing more to improve and support their health and well-being.
To download report, CLICK HERE.