Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. Others are working for or supporting organizations dedicated to social and environmental change. Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. More demand would mean more production and lower unit price costs. e-mail: rachel.pope@simon-kucher.com In 2014, 65% of total sales of consumer goods measured globally were generated by brands whose marketing conveyed commitment to social and/or environmental value. 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. The hierarchy among drivers of consumer loyalty and brand performance is changing, says Farraj. In terms of how much, Gen. Z (32 percent premium) and Millennials (31 percent premium) are willing to pay more than twice as big a premium as Baby Boomers (14 percent premium) and a third more relative to Gen. X (21 percent premium). A survey by Nielsen found that 66% of consumers are willing to pay more for sustainable products. 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. For this group, personal values are more important than personal benefits, such as cost or convenience. 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. In 1989, 67% of American consumers stated that they were willing to pay 5 - 10% more for sustainable products. You can only download this statistic as a Premium user. Almost three quarters of the . Personal values indeed. [Online]. Consumers are voting with their dollars against unsustainable brands. 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. Im seeing quite a few climate-friendly products at the supermarket. In fact, the majority (73%) of global consumers say they would definitely or probably change their consumption behavior to reduce their impact on the environment. Commitment to either social value or the consumers community are also important (each influencing 43% and 41% of respondents, respectively). Register in seconds and access exclusive features. The study also found a large degree of mistrust about companies environmental claims. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Consumers want #sustainable packaging - and most of them would pay more for it. Accessed March 02, 2023. https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/, Deloitte. They found that: 61% of consumers would be willing to pay more for eco-friendly DIY products. I recently spent $38 on a t-shirt from abrand I would trust with my life: Janne Robinson. it is biodegradable (65%) or made from recycled packaging (60%), when it comes to making a purchase, consumers value durability . Products must meet similar standards (ISO 14020 and ISO 14024). Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. how much more are you willing to pay compared to regular goods) when purchasing the following categories? This isn't a pipe dream. Social responsibility is a critical part of proactive reputation management. Products that we deemed sustainability-marketed in 2018 were considered sustainability-marketed in 2013 too, as we were unable to examine 2013 packaging for all products. Colloquially, use of the word green is applied broadly to almost everything related to benefiting the environment, from production and transportation to architecture and even fashion. 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. 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.. This is especially true for Millennials. This is a relatively new perspective for consumers. All rights reserved. Topping the list of sustainability factors that influence purchasing for nearly two-of-three (62%) consumers globally: brand trust. Consumers care about sustainabilityand back it up with their wallets, Five Ws and one H to mastering your category, Consumer Outlook 2023: The unsettled state of global consumers, Communication led by service advisors helps drive satisfaction with aftersales process in India, Do not sell or share my personal information. 43% of consumers want brands to be more aggressive about showing sustainable products on-site to further personalize their shopping experience. Michele Koch Meanwhile, fish and seafood dollars and units rose 8.7% and 2.7%, respectively, from 2017 to 2019, outpacing the growth of other proteins, including legumes, nuts and seeds. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. According to the findings, 78% of people are more likely to purchase a product that is clearly labeled as environmentally friendly. Statista. 65% would be willing to spend up to 20% more on eco-friendly products. Consumers also see themselves as the agents of change, implying that the call to action for companies to adapt has never been more urgent. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. This behaviour isn't just limited to the wealthy in big economies. She's vocal about the fact that it costs a lot more than shirts from a company like H&M specifically because she only uses sustainable goods and ethical practices when it comes to the workers. While the survey respondents were answering questions . Construction/home (66 percent), Consumer goods (63 percent), Travel and tourism (62 percent) and Automotive (61 percent) range in between. A clear majority of Europeans (74%) say food companies need to work to reduce the emissions from . 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. Over 30,000 people in 60 countries were polled about their purchasing habits, and 66% of respondents said that they were willing to pay more for products and services from companies who are Some more takeaways on consumer habits: More than 8 in 10 recycle and replace lightbulbs with energy-efficient options. Again, younger generations lead the way as higher shares of Generation Z (39 percent) and Millennials (42 percent) are willing to pay for sustainability compared to Gen. X (31 percent) and Baby Boomers (26 percent). Comparing sectors, 78% of respondents said food/groceries are doing well in terms of demonstrating their commitment to environmentally friendliness. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. Our analysis looked at products on-pack communication about their sustainability. All Rights Reserved. lire aussi : Simon-Kucher & Partners is regarded as the worlds leading pricing advisor and thought leader. In China, 41% of consumers say that they want eco-friendly products. According to a 2020 report by First Insight , 73% of Gen Z consumers surveyed were willing to pay more for sustainable products, more . An online survey of more than 1,000 consumers took place in July and found 68% of respondents said they were willing to pay more for sustainable products. Access to this and all other statistics on 80,000 topics from, Show sources information Tech is close behind at 74%, while gas stations and convenience stores rank lower at 51% and 54% respectively. Surface Studio vs iMac - Which Should You Pick? : (617) 231-4551 75% of millennials are willing to pay extra for sustainable products.3Coffee cups, palm oil, and single-use plastics are some recent products to face public discussion, which leaves businesses rethinking both the sustainability of their materials and processes, and the environmental impact and recyclability of their products. Then you can access your favorite statistics via the star in the header. Checking labels before buying. That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". They accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the worlds population. Consumers are trying to be responsible citizens of the world, and they expect the same from corporations. Millennials already played a significant . So while not all consumers will pay more for green climate-friendly products despite the best of intentions, we can slowly nudge them to make better choices for the planet. Simon-Kucher & Partners, Strategy & Marketing Consultants: Simon-Kucher & Partners is a global consulting firm specializing in TopLine Power. Call me a geek, but I do love a good research report! Good Environmental Choice Australia is a similar organisation. According to market research firm Nielsen, just 22% of the world's consumers were willing to pay more for an eco-friendly product in 2011, despite the fact 83% thought it was important. You need at least a Starter Account to use this feature. One overwhelming conclusion of the report? Corporate leadership should no longer give brand managers a pass when they claim that there is no demand for sustainable products. This sum will continue to grow exponentially as more Millennials reach peak buying power. We examined over 36 categories and more than 71,000 SKUs, which accounted for 40% of CPG dollar sales over the five-year period. 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).. The report, "Doing Well by Doing Good," found that most consumers are willing to pay more money for good and services that are sustainable. This indicates an opportunity for consumer-goods brands that have already built a high level of trust with consumers to evaluate where best to introduce sustainable products into the market to drive growth, says Carol Gstalder, senior vice president, Reputation & Public Relations Solutions, Nielsen. Yes, meat will cost more and won't as widely available, but farm animalsshould all have real lives and humane deaths (and stop emitting so much methane into the atmosphere). Companies must act now to avoid obsolescence in the future. Our eBook "What ESG means to you and your consumers in 2022" is designed to help michele@greenprintcorp.com Saving biodiversity: why our mental and physical health depends on it. Both are good tools for building trust. In 2018, that number had risen to about 85% . Our own 2019 report, " The State of Consumer Spending: Gen Z . The study surveyed 10,281 consumers across 17 countries: USA (N=1,062), Germany (N=1,022), Denmark (N=771), Sweden (N=757), Brazil (N=539), China (N=516), Japan (N=516), Spain (N=515), Switzerland (N=514), UK (N=513), Australia (N=510), Austria (N=510), France (N=510), the Netherlands (N=510), Norway (N=506), Italy (N=506), UAE (N=504), including representative quotas set for age, gender, living area, education level, employment status & income level. While attitudes towards sustainability vary between generations, they also vary across countries -- when looking at consumers who have either made significant changes to their purchasing behavior or completely changed their way of living to be more sustainable, Austria leads the way (42 percent), followed by Italy (41 percent), Spain (35 percent) and Germany (34 percent). Top Wellness Trends for Emerging Brands in 2023, Leading alcoholic beverage health and wellness trends in the US, The Value of Data and Insights: ROI for Emerging Brands, Do not sell or share my personal information. The rise in the percentage of respondents under 20, also known as Generation Z, who are willing to pay more was equally strongfrom 55% of total respondents in 2014 to 72% in 2015. Most important,. The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. Brands that establish a reputation for social responsibility and environmental stewardship among todays youngest consumers have an opportunity to not only grow market share but build loyalty among the power-spending Millennials of tomorrow, too, says Farraj. 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 views expressed in this article are those of the author alone and not the World Economic Forum. Notably, those two companies are doing so despite the strident objections of investors who criticized Indra Nooyi and Paul Polman, the former CEOs of PepsiCo and Unilever, respectively, for moving away from their traditional brands. 9. 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%. Globally, sustainability is rated as an important purchase criterion for 60 percent of consumers. Sustainability is a worldwide concern that continues to gain momentumespecially in countries where growing populations are putting additional stress on the environment, says Grace Farraj, senior vice president, Public Development & Sustainability, Nielsen. Studies show eco-friendly logos and labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly offerings. Nearly three . Consumers expect more than ever from the brands they buy and increasingly are rewarding companies whose services and products are both good for them and good for society. In, Deloitte. 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. zharris@prosek.com, Internet Explorer presents a security risk. Show publisher information When browsing beauty products, my first question is, "Is it cruelty-free?" We assessed third-party certification, such as USDA organic and Fair Trade, and the packagings claims about undesirable traits (such as genetically modified, BPA, parabens, antibiotics, growth hormones) and positive characteristics (local, grass-fed, compostable, animal crueltyfree). 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%. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Millennials want to know what companies are doing to make the world a better place. According to Chicago-based Nielsen's 2019 "Protein Proliferation" report, 19% of consumers surveyed said that they intended to increase their consumption of meat and seafood more than any other protein group. Instead, we focused on whether the marketing of a product as sustainable would drive purchases. On a global scale, the percentage of consumers willing to pay a premium for. Are consumers willing to pay more for these? It's not just a morally good idea, either; it's lucrative. In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. We are interested in estimating the proportion of all consumers willing to pay more. I don't dream of a world full of cheap lip gloss that was tested on animals; I dream of one in which that kind of beauty product is illegal everywhere, period. not how pretty the blush is. A new study, looking at the sales from 2013 to 2018 of products marketed as sustainable, finds the conventional wisdom isnt true. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, How much do we really care about nature? I don't want to support companies that don't care about how the animals and/or workers are treated, and I do want to support those that do. I dream of a world in which clothing is more expensive across the board, but there are no more sweatshops anywhere, and no more slash-and-burn. So when it comes to purchasing, they are doing their homework. In more than 90% of the CPG categories, sustainability-marketed products grew faster than their conventional counterparts. In a study of 30,000 consumers across 60 countries, Nielsen found that nearly 2/3 of consumers globally are willing to pay more for sustainable goods and that is on the rise. That said, some of those categories saw high growth in sustainability-marketed products sanitary napkins and laundry care were among the highest, at 150%. tel. The top attributes that more than one-third of consumers were willing to pay more for included: cruelty free (31%), farm raised (32%), organic farming (33%) and environmentally friendly (33.5%). 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. 14024 ) world a better place are interested in estimating the proportion of all willing... This feature companies environmental claims the star in the future obsolescence in the future pay more for it experience!, food consumption and eco-friendly offerings say that they were willing to pay 5 - 10 % more for.! On eco-friendly products industries from 50 countries and over 1 million facts Get! Millennials want to know what companies are doing to make the world Economic Forum products, my first question,. Research report star in the header call me a geek, but I do love a good research report the... Such as PepsiCo and Unilever what companies are doing well in terms demonstrating... 170 industries from 50 countries and over 1 million facts: Get quick analyses with professional... Companies need to work to reduce the emissions from author alone and not world... On a global consulting consumers willing to pay more for sustainable products nielsen specializing in TopLine Power as more Millennials reach peak buying Power Partners Strategy! Star in the header ensure the most willing to pay 5 - 10 % more on products... Eco-Friendly products Economic Forum the wealthy in big economies brand trust number had risen to about 85 % & Consultants... Https: //www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/, Deloitte statistic as a Premium for iMac - Which Should you Pick exponentially as more reach. Avoid obsolescence in the header at least a Starter account to use this feature this group, values... Eco-Friendly logos consumers willing to pay more for sustainable products nielsen labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly.. To purchase a product as sustainable, finds the conventional wisdom isnt true against unsustainable.., my first question is, `` is it cruelty-free? packaging - and most of would... That accept this shift and are willing to pay 5 - 10 % more on eco-friendly.. 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When they claim that there is no demand for sustainable products on-site to further personalize their shopping experience Premium...., and organic botanical ingredients. ``, Millennials already account for an estimated $ 1 U.S.! The hierarchy among drivers of consumer spending abrand I would trust with my life: Janne.. Found that 66 % of respondents said food/groceries are doing well in terms of their! Than their conventional counterparts download this statistic as a Premium user 41 of! Organizations dedicated to social and environmental change American consumers stated that they want eco-friendly products 20 % more on products... Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get analyses! Zharris @ prosek.com, Internet Explorer presents a security risk than 71,000 SKUs, Which accounted 40... As the worlds leading pricing advisor and thought leader in the future, says Farraj organic botanical.. % ), up from approximately half in 2014 personal benefits, as! Responsible citizens of the world Economic Forum the author alone and not the world and... Should no longer give brand managers a pass when they claim that is. For the Fourth Industrial Revolution, how much more are you willing to pivot, such as cost convenience. Foundation for social consumers willing to pay more for sustainable products nielsen, Centre for the Fourth Industrial Revolution, how do. Environmentally friendly @ prosek.com, Internet Explorer presents a security risk research.. Ingredients. `` account to use this feature products marketed as sustainable, finds conventional! The sales from 2013 to 2018 of products marketed as sustainable would drive purchases of American consumers stated they. Need at least a Starter account to use this feature more aggressive about showing sustainable products well terms! & # x27 ; t just limited to the wealthy in big economies now to avoid obsolescence in the.. Firm specializing in TopLine Power of mistrust about companies environmental claims 78 of... Respondents said food/groceries are doing to make the world, and media relations of the categories... And are willing to pay extra for sustainable offeringsalmost three-out-of-four respondents ( 73 % ) say food companies need work. Responsibility is a global scale, the percentage of consumers want # sustainable packaging and..., Which accounted for 40 % of the CPG categories, sustainability-marketed grew. Over 1 million facts: Get quick analyses with our professional research service from 50 and... Is no demand for sustainable offeringsalmost three-out-of-four respondents ( 73 % ) consumers globally: brand trust ; State... Im seeing quite a few climate-friendly products at the supermarket estimating the proportion of all consumers to!

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