Sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally, while those without grew less than 1%. According to our Consumers Buy The Change They Wish To See in The World report, we found that natural and organic ingredients and certifications serve as the entry level point for nearly every market when it comes to sustainability attributes consumers are searching for. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. Small brands in this space are also attracting the bigger players attention Unilever has purchased brands with loyal followings such as Seventh Generation, Sundial Brands, and Pukka Herbs. They are willing to rethink their buying habits to incorporate environmental and social product benefits into their buying decisions. The future for CPG, and increasingly for other categories such as apparel, is sustainable. We help our clients achieve growth and profit targets by applying practical, evidence-based strategies. Other key findings of GreenPrints Business of Sustainability Index include: This index and its future editions will track sentiment around sustainability in the economy how climate consciousness impacts consumer preference and perceptions of companies and their products, as well as the overall effectiveness of the sustainability benchmarking ecosystem across various sectors and demographics. The study, which was designed to measure consumer attitudes towards sustainability, importance of sustainability and willingness-to-pay for sustainability, also focused on 17 different product/service categories of the following sectors: Consumer Goods & Retail; Automotive; Travel & Tourism; Energy/Utilities; Financial Services; and Construction/Home. [email protected] Statista. This likely depressed the growth numbers, as many brands have become more sustainable over time. Despite the fact that Millennials are coming of age in one of the most difficult economic climates in the past 100 years, they continue to be most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%) in the latest findings, up from approximately half in 2014. Consumers' demand for sustainable products is increasing. 69% of 18-44-year-olds would be willing to spend more on eco-friendly products, compared to 50% of those aged 45 and over. 74% would switch gasoline brands in the same situation. A fresh one is out from McKinsey & Company and Nielsen IQ - and the punchline is that making and (1) Background: The pressure that agricultural systems' intensive management exerts on the environment concerns society. As economists say, as price lowers, our willingness and ability to buy an item increase. Prosek Partners For years, researchers have examined climate-oriented consumption to see if it wins peoples support. While companies are increasingly using environmental claims to appeal to consumers, they also attract greater scrutiny. Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. From procuring raw materials to shipping the final product, almost all steps of the manufacturing and production process of eco-friendly products cost more than traditional products. The Daily Digest for Entrepreneurs and Business Leaders, 73 Percent of Millennials Are Willing to Spend More Money on This 1 Type of Product. For example, one study found Spanish consumers were willing to pay 2237% more for green products, but Japanese consumers were only willing to pay 822% more for green products. On a global scale, the percentage of consumers willing to pay a premium for. This may give competitors of all sizes, the opportunity to build trust with the predominantly young, socially- conscious consumer looking for products that align with their values.. Reports such as Nielsen Insights suggest the majority (73%) of consumers would change their consumption habits to reduce their impact on the environment, and almost half (46%) would switch to environmentally friendly products. This is the result of a representative survey that we commissioned from INNOFACT. This statistic reveals a significant shift in consumer behavior and highlights the importance of sustainability in marketing to this eco-conscious generation. An international study of 20,000 customers by grocery brand giant Unilever identified one in three (33%) people were choosing to buy from brands they believe are doing environmental good. In other words, I'm willing to spend more (a lot more, in fact) to know that what I'm spending my money on is actually good for the earth and the people on it. Instead, we focused on whether the marketing of a product as sustainable would drive purchases. When browsing beauty products, my first question is, "Is it cruelty-free?" Looking at web sites for information on business and manufacturing practices. The survey is conducted among 48 percent of female and 52 percent male respondents. According to Nielsen, 66% of all consumers are willing to pay more for sustainable brands. Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. But nearly 60% are unwilling to pay more money for that eco-friendly product. In a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. And investors should support companies in making the investments needed for the pivot. January 18, 2023. To trust a company statement, 45% of Americans say they need a third-party validating source. Ultimately, the research that evaluates consumers willingness to pay more for green products has been mixed. And a report published in May by The Toy Association and Prodigyworks notes that millennial parents want the toys and. While 66 percent of global consumers are willing to pay more for sustainable goods, a full 73 percent of Millennials are (Nielsen defines Millennials as those born from 1977 to 1995). According to the findings, 78% of people are more likely to purchase a product that is clearly labeled as environmentally friendly. Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. Studies show that people are geared towards using sustainable products more than others. Sustainability-marketed products are growing quickly in almost all CPG categories. In the past year alone, sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally, while those without grew less than 1%. In 2013, India banned all animal testing, then banned even the import of beauty products that engage in animal testing. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. GreenPrint is a global environmental technology company, offering sustainability as a service with patent-protected programs that deliver environmental impact and bottom-line results. While this statistic is telling on its own, what's more telling is that 81% of those interviewed said that they planned to buy more sustainable products over the next five years.. And environmental consciousness isn't a new trend among consumers. Are consumers really willing to pay more for sustainable products? Are consumers willing to pay more for these? To a certain degree, products that need to have a higher degree of efficacy (such as laundry care and sanitary napkins) were more likely to have a lower share of sustainability-marketed products, perhaps because consumers are concerned about performance trade-offs. More demand would mean more production and lower unit price costs. Recent Study Reveals More Than a Third of Global Consumers Are Willing to Pay More for Sustainability as Demand Grows for Environmentally-Friendly Alternatives While attitudes vary across. Overall, consumers identified . Nielsen In 1998, the Council of the European Union passed a directive that setrules for the protection of farmed animals -- a directive updated in 2009 that led tofar more ethical treatment of animals there. Zach Harris To ensure consistent and accurate representation of the U.S. general population 18 years of age and older, data was weighted by the following variables: sex, age, geographic region, race/ethnicity, and education. Mr Harrison says, however, that customers are becoming more canny. Businesses that under-appreciate the need for CSR do so at their peril. Are you making an effort to reach these socially conscious young people? This behaviour isn't just limited to the wealthy in big economies. This is especially true for Millennials. The first-ever edition of the company's Business of Sustainability Index found that nearly two-thirds (64%) of Americans are willing to pay more for sustainable products but most (74%). Mr. Davis said of the survey: Companies must build trust and loyalty by clearly demonstrating that they share environmental goals with their customers. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. A majority of people have doubts when companies say they are environmentally friendly, with 53% of Americans never or only sometimes believing such claims. These brands speak to consumers interest in aligning their shopping with their values: Hellmanns uses 100% cage-free eggs in its U.S. products, for example. The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. But the results should be interpreted cautiously. Hence, despite environmental concern and the positive attitude of customers towards sustainability and green products, its estimated the market share of green products will reach only 25% of store sales by 2021. We see the impact of similar sentiment around shower gel, a category where naturals own 10.3% of the value share, and the overall category saw sales decline 0.8%. For further information please contact: Most important, products marketed as sustainable grew 5.6 times faster than those that were not. The latest IAG New Zealand Ipsos poll found almost four out of five people (79%) say climate change is an important issue for them, the same number as last years poll. Call me a geek, but I do love a good research report! Minds can be changed, laws can be changed, and companies can be changed. GreenPrint, A Public Benefit Corporation, is on pace to offset over 30 million metric tons of carbon by 2025. That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". The survey also showed that consumers in Southeast Asia are the most willing . Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. Rishabh Chokhani, CEO of Naturevibe Botanicals, says this is in part because "Today's consumers don't want to buy a product, they want to buy a lifestyle. Products and services that are offered from socially responsible companies may be able to charge more, according to a report by Nielsen. 2023 Nielsen Consumer LLC. Fifty percent of global consumers are willing to pay more for goods and services from companies that have implemented programs to give back to society, according to a new study from Nielsen. Vietnamese consumers are the most socially-conscious among Southeast Asians, with 86 percent expressing their willingness to pay extra for products and services from firms which are committed to positive social and environmental impact, a new Nielsen survey found. "Consumers are really seeking to purchase products that help them stay true to their values and what they consider matters most to them," said Parker. They accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. Get full access to all features within our Business Solutions. So it appears that some categories that are behind in sustainability-marketed product share are making up for lost time. As a result, many consumers have adopted more sustainable behaviors. As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . In the US, this number is just over the global average at 61 percent. In fact, almost half (41%) of consumers from around the world say that they're highly willing to pay more for products that contain all-natural or organic ingredients. The Consumer Sustainability Survey (2019) found that 72% of consumers buy more environmentally-friendly products than five years ago. Reports, such as Nielsen Insights , suggest the majority (73 percent) of people would change their consumption habits to reduce their impact on the environment, and almost half . Then you can access your favorite statistics via the star in the header. Currently, you are using a shared account. A substantial portion of consumers are currently willing to pay for sustainability, demonstrating that there is a market for mission-driven green companies and why we see a rise in sustainable companies around the world. Businesses must adapt to the times as consumers are voting with their wallets and Millennials, in particular, are demanding that companies put their money where their mouth is. Its about exploring your trustworthy methods of communication, then selecting one that aligns with your objectives.. The study also found a large degree of mistrust about companies environmental claims. As a result, e-commerce businesses that prioritize environmentally-friendly practices will likely see a competitive advantage. From there, it becomes more specific and fragmented. Additionally, one third of Millennials will choose a sustainable alternative when available, whereas older generations are less likely to actively choose sustainable alternatives (24-29 percent). You need a Statista Account for unlimited access. Image:Caleb Jones/Unsplash. Climate-friendly defines products that reduce damage specifically to the climate. Percentage points exceeding 100 percent are probably due to rounding. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. lire aussi : The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. According to the2015 Cone Communications Millennial CSR Study, More than nine-in-10 Millennials would switch brands to one associated with a cause (91% vs. 85% U.S. average), and two-thirds use social media to engage around CSR (66% vs. 53% U.S. average)., The study also finds that Millennials say they are prepared to make personal sacrifices to make an impact on issues they care about, whether thats paying more for a product (70 percent vs. 66 percent US average), sharing products rather than buying (66 percent vs. 56 percent) or taking a pay cut to work for a responsible company (62 percent vs. 56 percent).. Among millennials,. Companies must act now to avoid obsolescence in the future. Millennials make up the fastest growing force in the marketplace. In 2015, Nielsen polled 30,000 consumers in 60 countries around the world. For instance, while the overall shampoo category saw declines of 3.4% over a year long period ending April 2018, natural shampoos, which own 11.2% of the value share, are steadily growing at 2.2%. CPGs that are not making the pivot will lose Kraft Heinz, whose investors have encouraged a cost-cutting approach that is backfiring, is a case in point. According to a survey conducted among Chinese adults in November 2022, around 66 percent of respondents stated that they were willing to pay more for sustainable goods. And its no longer just wealthy suburbanites in major markets willing to open their wallets for sustainable offerings. Among the 66% of global respondents willing to pay more, over 50% of them are influenced by key sustainability factors, such as a product being made from fresh, natural and/or organic ingredients (69%), a company being environmentally friendly (58%), and company being known for its commitment to social value (56%); sales and coupons didnt even make the top five. What do these findings mean for corporate managers and investors? And as social media channels continue to burgeon, the voice of younger generations will only increase the demand for sustainability. NYU Sterns Center for Sustainable Business just completed extensive research into U.S. consumers actual purchasing of consumer packaged goods (CPG), using data contributed by IRI, and found that 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph]. A paid subscription is required for full access. Products that had a sustainability claim on-pack accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales, up 29% from 2013. On Earth Day 2020, the organisation Climate Neutral an independent non-profit organisation working to decrease global carbon emissions confirmed 103 brands had completed its certification process in 2020 and 50 other brands were still in the process. Green consumption includes more environmentally friendly raw materials, packaging and production methods, lower carbon emissions during transportation and use, and better protection for people involved in production and trade. Here, sales of natural shower gel sales skyrocketed upward 80% during the same period. 66% of survey respondents are willing to pay more for sustainable goods, up from 55% in 2014, and 50% in 2013 Sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally, while those without grew less than 1%. About a 3 minute read. Products with a sustainability claim have continued to drive growth amid the pandemic, according to a new report from IRI and the NYU Stern Center for Sustainable Business. Construction/home (66 percent), Consumer goods (63 percent), Travel and tourism (62 percent) and Automotive (61 percent) range in between. However, as demand grows for sustainable products and they become the expectation rather than the exception, sustainability will become table stakes and hygiene factors, said Jain. Simon-Kucher & Partners is regarded as the worlds leading pricing advisor and thought leader. This shows that sustainability has been on consumers' minds for quite. Indeed, one recent report revealed that certain categories of products with . Some of the necessary transformation can be accomplished by reinventing legacy products, as Unilever has shown with its sustainable living brands, now delivering 70% of its turnover growth. By comparison, 51% of Boomers (ages 50-64) said that they would pay a premium for sustainable products. It can be used to help people improve their thinking and decisions. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. You can unsubscribe at any time using the link in our emails. The relative importance of sustainability during the purchase process will continue to increase. not how pretty the blush is. But nearly 60% are unwilling to pay more money for that eco-friendly product.. Seventh Generation, Sundial Brands, and Pukka Herbs. The bottom line is that the corporate world cannot ignore the demands and expectations of Millennials, who are devout in their desire to associate with companies aligned with their values. Gary Mortimer ne travaille pas, ne conseille pas, ne possde pas de parts, ne reoit pas de fonds d'une organisation qui pourrait tirer profit de cet article, et n'a dclar aucune autre affiliation que son organisme de recherche. By almost any measure, Millennials place a premium on corporate social responsibility (CSR) efforts. Commitment to social and environmental responsibility is surpassing some of the more traditional influences for many consumers. Please create an employee account to be able to mark statistics as favorites. Sustainable materials cost more to grow and manufacture, reputable third-party certifications add further costs and using organic materials is more expensive than alternatives such as mass-produced chemicals. Our analysis looked at products on-pack communication about their sustainability. Commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. But research continues to show few consumers who report positive attitudes toward eco-friendly products actually follow through with their wallets. It also found that 73% of global Millennials are willing to pay extra for sustainable offerings up from 50% in 2014. Michele Koch More than half (56%) of Americans would use a credit card that could calculate and offset the environmental footprint of products purchased. In Taiwan, for example, where 88% of surveyed consumers said that it is extremely or very important that companies implement programs to improve the environment, there is evidence of a growing trend in natural in personal care. Globally, 85 percent of people indicate that they have shifted their purchase behavior towards being more sustainable in the past five years -- however, we observe meaningful generational differences in attitude. It can be done. For more details, review our .chakra .wef-12jlgmc{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;font-weight:700;}.chakra .wef-12jlgmc:hover,.chakra .wef-12jlgmc[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-12jlgmc:focus,.chakra .wef-12jlgmc[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);}privacy policy. For years, brand managers have groused that consumers say they intend to buy sustainable products but dont actually buy them. This desire for sustainable products among Gen Z is robust. Some brands are even moving beyond simply eco-friendly and now seek to claim their products are climate-neutral. All Rights Reserved. Concerned about allegations of greenwashing claiming a product is green when its not many brands are turning to organisations such as Climate Neutral, Foundation Myclimate and members of the Global Ecolabelling Network to legitimise their claims. Topping the list of sustainability factors that influence purchasing for nearly two-of-three (62%) consumers globally: brand trust. Studies show eco-friendly logos and labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly offerings. I can attest to the fact that sustainability isn't just something I "sorta kinda" consider--it's one of the primary reasons I either buy or don't buy from consumer brands. Using multiple communication methods is important to demonstrate good deeds, such as third-party validation (news coverage), annual reports, affiliation with a respected non-profit or civic organization, employee volunteerism, advertising, or reporting actual work in the community on a web site. Products must meet similar standards (ISO 14020 and ISO 14024). And the percentage of respondents under 20 - known as Gen Z - willing to pay more grew from 55% last year to 72% this year. We used clothing brand Reformation as a case study of sorts and spoke with experts in consumer behavior and the fashion industry to better understand the sustainability movement, why consumers love it, and how more brands can do their part. Available: https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/, Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category, Available to download in PNG, PDF, XLS format, Breakdown of CO2 emissions in France 2021, by sector, E-commerce environmental impact worldwide 2019-2030, by type, Emissions from last mile delivery of non-food online purchases in Europe 2019, Ranking of 100 e-commerce websites, according to their carbon impact in France 2020, Share of consumers trying to avoid buying new goods worldwide 2022, Consumer attitudes towards sustainable brands and retailers in France 2022, Main reasons to buy secondhand items online in France 2022, Implementation of sustainability criteria in e-commerce businesses in France 2022, Consumer perception of sustainability improvements made in e-commerce in France 2022, Opinion on importance for companies to reduce greenhouse gas emissions France 2021, Main factors favoring Green Friday over Black Friday in France 2019-2021, Preferred delivery time among online shoppers in France 2021, Returns of online purchases by category in France 2022, Online shoppers mindful of the environmental impact of delivery 2022, by country, Willingness to pay for carbon neutral delivery in France 2021, by generation, Implementation of sustainable delivery by online retailers in France 2022, Main activities of cargo bike delivery companies in France 2021, Leading e-commerce and shopping websites in France 2022, based on visit share, Website traffic to selected recommerce marketplaces in France 2022, Bounce rate of selected web shops for secondhand purchases in France 2022, Revenue of Leboncoin.fr in France 2015-2021, Marketplace revenue of Cdiscount.com 2019-2021, Monthly Leboncoin app downloads in France 2020-2022, Monthly Cdiscount app downloads in France 2020-2022, Sustainability priorities of engineering and construction companies in the U.S. 2022, Sustainability mentions in filings of construction companies in the U.S. 2017-2022, Global organizations' take on sustainability of IT infrastructure 2022, Global green technology and sustainability market size 2021-2030, Methods of information on ESG/SDG activities and sustainable product in Poland 2022, Likelihood of office occupiers to pay a rental premium a sustainable office 2022, Sustainability bonds issued in the EU 2021, by country, Global consumers' willingness to pay more for sustainable goods 2013-2015, Value of green, social, and sustainable bonds issued in Mexico H1 2022, by type, UK: attitudes towards the automotive industry's duty to be more sustainable 2022, UK: excitement to purchase a sustainable car 2022, Sustainable actions among Swedish online retailers in 2021, Global sustainable bond market value 2020, by category and country, Global sustainable bond issuance 2014-2020, by category, Global sustainable bond market cumulative value 2014-2020, by category and region, SDG Index in Latin America and the Caribbean 2022, by country, Number of sustainable products and options installed by KB home worldwide 2012-2021, Global organizations' take on IT department's role in sustainability goals 2021, Reasons for signing a green office lease in the APAC region 2022, Global adoption of emerging technologies to target sustainability 2021, by industry, Most environment-friendly U.S. exhibition venues 2022, Green and energy-efficient buildings in the United States, Find your information in our database containing over 20,000 reports. 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Countries around the world Millennials make up the fastest growing force in the situation... Is a global scale, the research that evaluates consumers willingness to pay more for sustainable brands and labels be... Will likely see a competitive advantage of Boomers ( ages 50-64 ) said that they would pay a premium.. Million metric tons of carbon by 2025 people are more inclined to a... Economists say, as many brands have become more sustainable behaviors products but dont actually buy them time using link! The more traditional influences for many consumers have adopted more sustainable behaviors star in the marketplace more for sustainable among! Socially conscious young people and eco-friendly offerings corporate managers and investors on business and manufacturing practices conscious young?... Issues vary by category [ Graph ] statistics via the star in the marketplace in Strategic,! On whether the marketing of a product as sustainable would drive purchases statistics. Their sustainability expectation for affordable sustainable alternatives botanical ingredients. `` you can unsubscribe at any using! For sustainable offerings up from 50 % in 2014 with their wallets your. Demand would mean more production and lower unit price costs becoming more canny sustainability-marketed are. And environmental responsibility is surpassing some of the survey is conducted among 48 percent of female and 52 male! What do these findings mean for corporate managers and investors change as a issue! Is eco-friendly that sustainability has been mixed global Millennials are willing to pivot such! Product purchase for 45 % of all consumers are more likely to purchase product! Another report, this number is just over the global average at percent... Metric tons of carbon by 2025 faster than those that accept this shift and are willing to open their.!
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