Media: 联合早报 聯合早報 Lianhe Zaobao
Over the decades, conventional wisdom advised against chasing the latest tech, especially in household appliances like refrigerators, washing machines, and TVs. The rationale was that the newest models were often the result of years of research and development, making them costly to produce. To recoup these costs, manufacturers gradually introduced incremental updates, presenting them as the latest innovations at premium prices. However, savvy consumers often opted for the "one-version-behind" strategy, choosing slightly older models with lower prices and better value.
This mindset has also applied to technology products and services in recent years. Cutting-edge robot vacuums rushed to market faced safety issues, while the latest smartphone software updates caused screen color discrepancies. Internet fees became more competitive, leading service providers to exploit loyal customers with expensive plans, reserving discounts for new subscribers. Online services, such as banking platforms, experienced glitches, leaving early registrants stranded without access.
In more developed markets, the emphasis on consumption often led to disappointment for early adopters. The "one-version-behind" approach advocated a slower, delayed, and slightly outdated but safer and more cost-effective choice. Let others be the guinea pigs for the newest versions, and only invest when proven results are available.
However, in recent years, the rise of the ESG (Environmental, Social, Governance) trend has further transformed shopping behavior. ESG principles, focusing on sustainable investment and business operations, now influence consumer choices. Environmental considerations lead consumers to prefer eco-friendly products with features like recycled or sustainable materials and energy-efficient designs. Social aspects drive choices toward companies committed to social responsibility, fair employment opportunities, diversity, and community engagement, while avoiding those associated with unethical practices.
In summary, the shift towards responsible consumption encourages selecting higher-quality, durable products to reduce waste and consumption. Consumers now prioritize long-term value and tend to support brands with social and environmental missions, moving beyond price considerations and satisfying material desires.
While the awakening to ESG principles resonates strongly in the West, its adoption in Asia, such as in Singapore, faces some resistance. Responsible consumption has a niche market, often serving as a marketing slogan to attract investors and media attention. Traditional shopping priorities, like discounts, still dominate, leaving businesses in various industries to explore whether the tide will eventually turn.
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