World Consumer Rights Day

Every Year on March 15th, the consumer movement marks with World Consumer Rights Day for raising global awareness about consumer rights and needs. The day celebrated is to demand the rights of all consumers that are to be respected and protected, also to protest against market abuses and social injustices which lack those rights.

World Consumer Rights Day was inspired by President John F Kennedy, who sent a special message to the US Congress on 15th March 1962, in which he formally addressed the issue of consumer rights. He was the first world leader.

HISTORY

The consumer movement first marked that date in 1983 and now uses the day every year to mobilize action on important issues and campaigns. Apart from World Consumer Rights Day, and National Consumer Rights Day in India, the United Nations has also highlighted the need for protection and empowerment of buyers.

In 1985, the UN had adopted guidelines for protection, redressed mechanisms and institutions for establishing the rights of consumers. It had also set down principles to help member states cooperate and enforce these rights.

In the developing world, the proportion of account owners sending and receiving payments digitally has grown from 57% in 2014 to 70% in 2017 which results in digital banking consumers are expected to exceed 3.6 billion by 2024. Digital finance brings new opportunities, but also new risks that can lead to unfair outcomes for consumers. Digital finance can increase the likelihood that the most vulnerable are left behind.

THEME

The theme for World Consumer Rights Day 2022 is ‘Fair Digital Finance’. As digital payments are increasingly becoming a part of society, the risks associated with them are multiplying as well. Consumers International organization has chosen this year's theme to highlight the need for "innovative regulatory approaches and digital financial services and products that centre consumer protection and empowerment."

This World Consumer Rights Day will spark the first-ever global conversation on the consumer vision for fair digital finance. “The real Profit is a Happy Consumer”.