// Nearly half of global shoppers might boycott brands that don’t align with their personal values and beliefs, according to GlobalData
// Data shows retailers who take a tough stance will be favored by shoppers
As more Western retailers and brands suspend operations in Russia amid the ongoing conflict in Ukraine, those who have not yet done so are more likely to follow the pressure of consumer expectations and face to an increasingly difficult and uncertain environment, according to GlobalData.
According to the leading data and analytics firm, nearly half of global consumers (41%) agree they will boycott a brand if it doesn’t align with their personal beliefs or values.
Retailers who take a tough stance will be favored by shoppers who are willing to boycott those who don’t align with their values.
LVMH, for example, is exiting the Russian market when it is estimated to have supplied 6.6% of its cosmetics and toiletries sales in 2020, equivalent to more than $300 million, according to estimates from GlobalData.
Lia Neophytou, Senior Health & Beauty Analyst at GlobalDatasaid: “This is a drastic but necessary decision given not only the evolving complications of doing business in the marketplace, but also the potential backlash from consumers around the world if this decision is not taken.
Globally, consumer access to Russian-origin products is also declining, with several UK retailers pulling such products from their shelves.
Earlier this month, Uniqlo reversed its decision to keep its Russian stores open and temporarily suspended operations in the country, despite Tadashi Yanai, president of operator Uniqlo Fast Retailing, saying the conflict should not deprive Russians of clothes, a basic human need.
Neophytou added, “While Russian brands and country of origin claims are not common in the global cosmetics and toiletries industry, retailers and brands are beginning to explore their entire product chains. sourcing to review products that potentially contain components of Russian origin. Brands with transparent ingredient lists and brands that clearly communicate product origin may therefore be favored by consumers looking to “vote with their dollar” and to spend only on brands not associated with Russia.
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