••• environmental research
Environmentally friendly products are on the rise and they’re here to stay. According to consulting firm Simon-Kucher and Partners, consumers want to purchase products and services that align with their values and behaviors. To appeal to the wishes of their consumers, companies must adapt more sustainable processes to minimize the impact they and their products have on the environment.
Seventy-one percent of global consumers surveyed say they are already making significant lifestyle changes. They are aware of the products they purchase and the impact they have on the environment. Sustainability is increasing in importance as 66% rank it as one of the top five factors they consider when making a purchasing decision, compared to 50% from 2021. Seventy-five percent believe sustainability is as important or even more important than it was in 2021.
Eighty-nine percent believe they have become greener with their purchasing habits by making major and minor adjustments. While most consumers want to live more sustainable lives, some are having difficulty finding products and services that don't come with a higher price point.
As inflation continues, many are finding it difficult to afford eco-friendly options and many are deciding which, if any, products or services to buy. Sixty-eight percent of consumers refuse to pay a premium for more sustainable options. (Only 32% would accept higher prices for sustainable products and services.) When asked how much of a premium they expect, answers ranged from 22% to 40%, depending on the industry and regardless of personal sustainability importance levels.
Most consumers are loyal to companies and brands that align with and share their values and beliefs. Many say the companies they trust should have similar sustainability motivators including the goal of benefiting younger generations (44%). Sixty-four percent say companies ...