Part One of the study, The Future of Global Consumption, addressed the shift from shareholder-led capitalism to consumer-led capitalism, examining the new global economy in a different light.
 
Part One‚—The Future of Global Consumption
 
COVID-19 was particularly hard on women; they lost $800 billion in income on a global basis, according to the researchers. Supply chains were interrupted, countries became more self-reliant, and one in three consumers switched brands due to supply shortages. The students concluded it was time to re-imagine the global economy. They said that the role of brands is increasingly aligned with socially-responsible corporate leadership. The pandemic highlighted the importance of humans creating more value for each other, acknowledging a shift to consumer-led capitalism that placed an emphasis on protecting the planet, people and community, and experience.
 
In a segment titled, “Ugly Truth,” students revealed that 120 billion units of trash are produced annually. To reduce garbage a shift is underway from a linear to a circular economy, in which social consciousness and sustainability are first and foremost. Today, only 9% of the global economy is circular, and the opportunity for brands to profit from the untapped 91% will be valued at $4.5 trillion by 2030, according to Accenture.
 
Students noted that consumers are ready to align their spending with their values. Brands must put consumers’ core values at the center of their business and strategy. The importance of human connection threaded its way throughout the research findings. Eighty-six percent of survey respondents said there is a social lesson to be learned from the pandemic, and 88% want brands to help them make a difference. Seven out of ten are willing to switch to socially-conscious brands, and 71% of global consumers are willing to pay a premium for brands that provide traceability.
 
In addition to traceability, consumers turn to brands that provide community and brand-generated content at point of purchase. Augmented Reality (AR) is becoming a part of retail re-invention. There are opportunities for retailers to personalize the shopping experience via “hyper-personalized shopping.” FIT students suggested investing in augmented reality as well as creative content sharing. 
 
Another recommendation is the creation of the Personal Impact Index (PII) tool. The Index enables consumers to track every purchase to see how they align with their social values. It provides an opportunity for brands to indicate PII traceability and understand a customer’s values. For example, if the customer values planet above all, it is reflected in their personal choices, and becomes a way to create accountability. Consumers with higher PII scores unlock higher credit scores as a result of participating in ethical consumption. Brands could leverage PII data to predict future purchasing behavior and marketing opportunities. 
 
The key takeaways from this study indicate a new focus on the health of the planet; the importance of the consumer as the primary stakeholder; and a call for the overhaul of traditional omni-channel thinking, as demand grows for consumer value transparency.
 
Part Two – The Chameleon Consumer
 
Throughout COVID-19, consumers are “always on.” Since the pandemic took hold, Americans added more than two hours to their daily screen time. At the same time, many were gripped by fear of economic insecurity. The collective tensions, according to FIT graduates, results in The Chameleon Consumer. Like the chameleon, consumers constantly change their purchasing behavior based on mood, situation and core values. According to FIT’s Lifestyle Survey, 75% of U.S. consumers agreed their purchasing decisions shift based on current circumstances; 86% want brands to relieve stress; 65% believe that higher price does not equate to higher quality; and 80% want to improve their wellness. 
 
Students found that brands can better serve their audience by identifying three CFMM-coined values that drive purchasing decisions:
• “For Me” values are generally directed inward; 
• “Fulfillment” values focus on community and wellness; and 
• “Fundamental” values emphasize simplicity, price and convenience.
 
Students said fluidity, customization and community (buying locally and sustainably), continue to drive purchase. Because consumers are spending less, brands must have a strong brand proposition to enhance interest. Loyalty is seen as a reward for value, and a higher sense of stress-free purchase continues to be important. The traditional marketing rule book is no longer effective, according to students. Rather, brands must deliver newness that is intentional. When it comes to communication, innovation, and buying channels are key. 
 
The students created the ADAPT model as an acronym to enhance brand success with consumers: 

A-acclimate to new standards. 91% of consumers expect seamless transactions. 
D-deliver intentional newness, meaning new to me, not necessarily a new product. 
A-accept brand fluidity by offering consumers more control, whether through flexible payment options or in-store pickup, for example. 
P-predict the future. 75% of purchase reasoning shifts situationally; and students devised a set of values that drive purchase, including, quality, price, wellness, and flexibility. 
T-transform. Create an environment with elevated interactivity and bespoke experience. 
 
Brands must offer interactivity where consumers are experiencing events or activities, including the consumer’s home. The online experience remains important, as 7 out of 10 respondents said they prefer shopping online for its convenience. Finally, consumers as chameleons collectively say, “Don’t label me;” keep the shopping experience fresh and fluid.
 
Awards Presentation
 
The annual award program followed the research presentation, with the list of winners, as follows:
 
Scholarship Recognition: Ryan Larson, group director, fragrance marketing, Chanel
 
Scholarship Recognition: Annalee Rice, senior marketing manager, Giorgio Armani Beauty, L’Oréal USA
 
Outstanding Scholar: Alecceandra Meier, senior manager, global marketing, IT Cosmetics, L’Oréal USA
 
Outstanding Scholar: Allyson Trayah, director, marketing, global retail lead, Redken, L’Oréal USA
 
Coty Award for Professional Excellence: Mark Polson, professor, cosmetics and fragrance marketing and management, principal/founder, Polson & Associates, CFMM Class of 2002
 
Estée Lauder Companies Faculty Leadership Award: Dr. Brooke Carlson, dean, School of Graduate Studies
 
L’Oréal Student Leadership Award: Allyson Trayah, director, marketing , global retail lead, Redken, L’Oréal USA
 
L’Oréal Student Leadership Award: Ryan Larson, group director, fragrance marketing, Chanel
 
Department Medal: Allyson Trayah, director, marketing, global retail lead, Redken, L’Oréal USA