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Locally Sourced

Delivered October 6, 2020. Contributor: Jeff H.

Goals

To determine how and how much locally sourced products or brands have on the consumer's purchasing decision.

Early Findings

There is a growing demand for ethical gemstones, resulting in new certifications and lending credibility to artisanal miners and the current pandemic is increasing the importance of locally sourced products and brands among consumers. Awareness of brand and product sourcing among consumers is at an all-time high.
  • In 2017, a survey concluded "80% of millennials said ethical sourcing was an important consideration when selecting an engagement ring, compared to 66% of the general population."
  • Traceability, origin-assured, sustainable, responsible and ethical are all terms associated with ethical jewelry and are increasingly influencing the modern-day consumer's purchasing decision of not only luxury brands, but also jewelry. More informed consumers are "increasingly more likely to buy from brands they believe in; those with a sense of identity, ethics and transparency."
  •  Common questions asked by jewelry consumers these days include "Is the gold in that ring 100% new, or has it been re-purposed or recycled? Where and how were these sapphires sourced? I notice you offer a lot of new jewelry designs every week — where are these being manufactured?"
  • In regard to local, as far back as 2012 reports emerged showing the increasing importance of locally sourced goods.
  • Accenture explained in May of this year, "Consumers are shopping with greater awareness of the environment, health and cost, favoring locally-sourced products and neighborhood stores." One reason is demand for local goods is growing, partially as a result of the current pandemic, "as consumers seek out products they feel they can trust, and efficiency is also on consumers’ minds, as they are doing fewer and larger shopping trips."
  • Professor of Consumer Psychology at the University of Southern California Jorge Barraza explained how it is more important than ever to emphasize locally sourced brands and products. "This is an opportunity to shift our focus on sustainability and that it is not only good for the environment but good for us specifically. So, for example, the time is ripe for clear messaging around the notion of buying and sourcing products locally."
  • Executive Vice President of Business Intelligence at Acosta Colin Stewart details, "In 2020, retailers will focus on becoming more environmentally conscious, sourcing locally, keeping prices low and making the in-store shopping experience more enjoyable and tech-friendly."

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