Is this the end for… consumers? 

What if the UK shifted from a consumerist economy to placing citizen wellbeing at its heart? Instead of measuring the success of the nation based on gross domestic product (GDP) and consumer spending, it would examine broader societal and individual wellbeing outcomes. What would that shift mean for brands? 

This isn’t a theoretical concept; real world pilots are underway to create new measurement models looking at data from a study taken across Wales, including three distinct regions: the Vale of Glamorgan, considered one of country’s wealthiest areas; Carmarthenshire, a more rural, geographically widespread area; and the Isle of Anglesey, an economically disadvantaged region with strong community bonds.

Engaging with local government and community organisations, these pilots aim to develop, test and iterate a wellbeing measurement system that can be reported in a similar regular and newsworthy way to GDP. Measures could include factors such as levels of investment in social enterprises, community wealth, sustainability factors and ecological initiatives, as well as public services as assets. The next step would be to make the approach practical to adopt at a regional level.

At the centre of this and advocating for a new economic system that prioritises wellbeing outcomes over consumption-based economic indicators is Stephen Priestnall, Director of Wellbeing Economy Cymru and CEO of Oomph agency. “It’s hard to make things simple,” he says. “But that’s really what we’re aiming for. There’s an awful lot of discussion and vocabulary around circular, foundational and regenerative economics or around community wealth building, for instance. That’s why we need a more concrete, specific framework that allows everyone to measure and track in a meaningful way.”

Is this the way forward for today’s consumers? 

“I think there’s a generation, maybe a generation and a half for it to land fully,” says Stephen. “But I do believe it can happen.” Research Stephen’s team carried out across Wales shows a large number of people – two-fifths – already understand the concept of a wellbeing economy. Once everyone was clear on it, 80% say they would prefer to live in a Wales with a wellbeing economy rather than a consumer economy. 

“When you ask people what is most important to them, they rarely say, ‘to have more stuff, more cheaply’,” argues Stephen. “People want things of value, things that mean something. The consumer economy was designed to produce items more cheaply, and that’s exactly what it’s done. It wasn’t designed to service the wellbeing of people or the planet. But now there’s a movement questioning the right way for our system to function.”

“When you ask people what is most important to them, they rarely say, ‘to have more stuff, more cheaply.”

Wales is the perfect testing ground. “It’s interesting because we have a piece of legislation called the Wellbeing of Future Generations Act – the only one active in a country’s constitution in the world. It essentially holds the government to account to ensure major investments are assessed on the basis of their value to future generations. It provides a framework for people to talk to and a commitment to do the right thing for the long-term not just for today.” 

“Eventually, we’ll move away from thinking what makes a place great is the fanciest new supermarket. If we move house, we’ll consider what car shares and social enterprises are there? Is energy being generated locally and sustainably? Are people employed in the right places for the community – vans delivering produce from farmers markets and local makers instead of Amazon deliveries?”

“[W]e’re already seeing people move from consumerism and commercialism to collective and community.”

“It seems like a huge shift, but we’re already seeing people move from consumerism and commercialism to collective and community. To thrive in this new world, the best brands will start to frame everything they do today with the future in mind – making strategic decisions and communicating based on where they want to be, not just where they are right now.”

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