Later this month, the 50th Davos meeting will be held in Davos, Switzerland. This annual meeting is held by the World Economic Forum (WEF) for the purpose of ‘improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas’. But just how does that relate to your rights as a consumer?
Before every meeting, the WEF releases a manifesto to detail what the key points of discussion are. This year for Davos 2020, they have put a big emphasis on the developing importance of Consumer Rights, concerning how it is set to shape the economy in the near future. The WEF believes that ‘ it’s time to empower, inform and activate consumers and build a more balanced and engaged relationship with companies, suppliers and legislators.’
Consumer Rights Today
The WEF are trying to look closely at the changing face of the consumer in the face of businesses. Of course, one of the biggest issues in this present day is the way we view our relationship with the environment. It’s therefore no surprise that the theme for this particular meeting is ‘Stakeholders for a Cohesive and Sustainable World‘.
Another of the most significant factors being discussed is how a company should be aiming not just to suit their shareholders, but also their customers, employees and suppliers. There have been calls going back some years now for a new brand of capitalism that benefits more involved parties. With more influence on on the morals we want from big companies, expect these discussion to only increase.
The manifesto itself states: ‘companies should pay their fair share of taxes, show zero tolerance for corruption, uphold human rights throughout their global supply chains, and advocate for a competitive level playing field – particularly in the “platform economy.”
But what does that mean for us?
The meeting brings together around 3,000 business leaders, political leaders, economists, journalists and even celebrities across 500 public and private sessions. The ideas and topics discussed here will definitely be felt elsewhere. Consumer spending drives approximately 60% of global GDP. We are now in a position to say that it’s essential for the will of the people to now be considered. Those that choose not to do this will be left behind by other organisations that are more consumer-centred. Essentially, it us who will drive the future of consumerism.
Firstly, expect to see companies going further in the future to get feedback from their customers.
The found and chairmen of WEF has been quoted as saying ‘The Fourth Industrial Revolution can compromise humanity’s traditional sources of meaning – work, community, family, and identity – or it can lift humanity into a new collective and moral consciousness based on a sense of shared destiny. The choice is ours. Click here for more info.’
There is definitely a growing sense of morality among the business community, not just working for the bottom line but also with an awareness that they are part of society, part of a global community.
You can find a summary of the manifesto here.
Another assessment can be found here.