Younger shoppers are the most willing to. One overwhelming conclusion of the report? Consumers want #sustainable packaging - and most of them would pay more for it. 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. While companies are increasingly using environmental claims to appeal to consumers, they also attract greater scrutiny. The Generational Gap: Younger consumers are more actively taking steps towards being more sustainable. GreenPrint To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. While 66 percent of global consumers are willing to pay. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. And investors should support companies in making the investments needed for the pivot. Currently, you are using a shared account. They expect a two-way, open dialogue with companies and their brands. A weekly update of the most important issues driving the global agenda. As CPG sales spiked . Nielsen's most recent Global Sustainability Report found that 66 percent of consumers said they were willing to pay more for sustainable brands, up from 55 percent in 2014. . 2023 Nielsen Consumer LLC. Given the evidence that consumer tastes are changing, an attitude of Why mess with a recipe that has worked well over the last 40 years? is the wrong one to take. Mr. Davis said of the survey: Companies must build trust and loyalty by clearly demonstrating that they share environmental goals with their customers. This sum will continue to grow exponentially as more Millennials reach peak buying power. Simon-Kucher & Partners is regarded as the worlds leading pricing advisor and thought leader. Conveying CSR efforts to Millennials requires authenticity, and a unique approach as Millennials grew up with the Internet and want their voices heard. 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. 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. I don't dream of a world with 99 cent hamburgers available at any roadside fast food place. 76% of Americans would switch their preferred packaged goods brand if they were offsetting carbon emissions. A new report reveals all. Please do not hesitate to contact me. On the flip side, large global consumer-goods brands that ignore sustainability increase reputational and business risk. Saving biodiversity: why our mental and physical health depends on it. As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . Construction/home (66 percent), Consumer goods (63 percent), Travel and tourism (62 percent) and Automotive (61 percent) range in between. That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". But nearly 60% are unwilling to pay more money for that eco-friendly product.. 1901), Lexpertise universitaire, lexigence journalistique. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Theres a noticeable break between generations, with 71% and 66% of Millennials and Gen Z willing to do so, compared to only 50% Gen X, 46% of Boomers and 39% Silent Generation. Marketers, operators, and merchants need to take the following steps: one, penetrate the right segment; two, unlock what motivates that segment to spend money; and three, act on strategies that build loyalty through ongoing consumer engagement. ", Deloitte, Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category Statista, https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/ (last visited March 02, 2023), Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph], Deloitte, January 18, 2023. As a result, many consumers have adopted more sustainable behaviors. In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. [email protected] 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). In a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. Nielsen reported in 2014 that half of young consumers were willing to pay more for sustainable products. This is especially true for Millennials. For years, researchers have examined climate-oriented consumption to see if it wins peoples support. Our eBook "What ESG means to you and your consumers in 2022" is designed to help The firm has over 1,400 employees in 41 offices worldwide. 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%. Checking labels before buying. By 2021, consumers are expected to spend $150 billion on sustainable goods. "Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category." Seventh Generation, Sundial Brands, and Pukka Herbs. As US psychologist Icek Ajzen wrote: Actions, then, are controlled by intentions, but not all intentions are carried out . It also found that 73% of global Millennials are willing to pay extra for sustainable offerings up from 50% in 2014. Third-party validation helps certify progress in the eyes of consumers, and the process of carbon offsetting which is easy to measure and communicate helps create tangible benchmarks. Globally, sustainability is rated as an important purchase criterion for 60 percent of consumers. 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. But nearly 60% are unwilling to pay more money for that eco-friendly product. As a Premium user you get access to background information and details about the release of this statistic. Nielsen combines sustainability into free-from, clean, simple, sustainable and . A 2015 global online survey by Nielsen reflected Brabeck-Letmathe's comments, with research showing that 66 percent of the 30,000-plus respondents said they would be willing to pay extra for . For the US, 22 percent of consumers indicate major changes to the behavior, but that number jumps to 55 percent when including those who say theyve at least made some modest changes. This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. But the results should be interpreted cautiously. Original survey question: How much of a premium are you willing to pay for green consumption (i.e. In its2015 Nielsen Global Corporate Sustainability Report, Nielson found that 66% of global consumers say they are willing to pay more for sustainable brands up 55% from 2014. It also found that 73% of global Millennials are willing to pay extra for sustainable offerings up from 50% in 2014. 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. Georgetown University School of Continuing Studies. For years, brand managers have groused that consumers say they intend to buy sustainable products but dont actually buy them. 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 She's a strong young feminist poet, an inspiration, and I trust her product because she was open about how she sourced the materials for it. 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. As soon as this statistic is updated, you will immediately be notified via e-mail. For further information please contact: The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. In more than 90% of the CPG categories, sustainability-marketed products grew faster than their conventional counterparts. Nielsen's 2015 Global Corporate Sustainability Report has revealed that brands showing a commitment to sustainable practices are receiving support from consumers, who are willing to pay more for . Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, How much do we really care about nature? A survey by Nielsen found that 66% of consumers are willing to pay more for sustainable products. 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. Among millennials,. In 2014, less than 30 . This is especially true for Millennials. lire aussi : In its 2015 Nielsen Global Corporate Sustainability Report, Nielson found that "66% of global consumers say they're willing to pay more for sustainable brands--up 55% from 2014." It also found that 73% of global Millennials are willing to pay extra for sustainable offerings--up from 50% in 2014. This behaviour isn't just limited to the wealthy in big economies. Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. 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. In 2015, Nielsen polled 30,000 consumers in 60 countries around the world. 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. how much more are you willing to pay compared to regular goods) when purchasing the following categories? Get the full study Join Your Peers 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. Companies should be aware that consumers are increasingly voting with their dollars against unsustainable brands. This conventional wisdom has been used by many brands as justification for not making their products more sustainable. Professor of Marketing and Consumer Behaviour, Queensland University of Technology. Green is the new black: why retailers want you to know about their green credentials, Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. If you are an admin, please authenticate by logging in again. 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. You can unsubscribe at any time using the link in our emails. For example, the climatop label certifies products that generate significantly less greenhouse gas than comparable products. Weve been on this journey for a while, but the clock is ticking and failure to think through the implications could have long-term consequences for traditional firms., Across industries and countries, sustainability is a significant purchase criterion -- though price and quality continue to dominate. And according to Nielsen, I'm not alone in that. Profit from the additional features of your individual account. Those that had no such commitment grew less than 1%. "Share of Consumers Who Were Willing to Pay More for Sustainable Goods in China as of November 2022, by Category. Overall, consumers identified . 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). Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Research expert covering e-commerce and FMCG in Greater China, Profit from additional features with an Employee Account. Are you interested in testing our business solutions? This likely depressed the growth numbers, as many brands have become more sustainable over time. New York-based Nielsen forecasts the market to reach somewhere between $142.4 billion and $150.1 billion by 2021. 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. For example, one study found Spanish consumers were willing to pay 22-37 per cent more for green products, but Japanese consumers were only willing to pay 8 per cent to 22 per cent more for . In 1989, 67% of American consumers stated that they were willing to pay 5 - 10% more for sustainable products. That across the board, consumers are willing to pay extra for one thing: sustainability. Commitment to either social value or the consumers community are also important (each influencing 43% and 41% of respondents, respectively). The survey is conducted among 48 percent of female and 52 percent male respondents. 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. For this reason, the demand for sustainable foods is growing in the market. 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. But brands can nudge consumers towards more eco-friendly products. 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. This is a relatively new perspective for consumers. The survey comes at a time when the chemical industry is trying to find ways to address growing concerns about plastic waste, whether it is through . 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. Consumersparticularly Millennialsincreasingly say they want brands that embrace purpose and sustainability. .chakra .wef-facbof{display:inline;}@media screen and (min-width:56.5rem){.chakra .wef-facbof{display:block;}}You can unsubscribe at any time using the link in our emails. Companies must invest, innovate and transform their business models now to protect their long-term profitability and viability. not how pretty the blush is. In burgeoning sustainability markets, however, natural and organic are paving the way for more detailed and specific claims. 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. Businesses must adapt to the times as consumers . 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). 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. The U.S. sustainability market is projected to reach $150 billion in sales by 2021, according to Nielsen . What is the World Economic Forum doing about the circular economy? 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. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. GreenPrint is a global environmental technology company, offering sustainability as a service with patent-protected programs that deliver environmental impact and bottom-line results. "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. Sixty-six percent of consumers say they are willing to pay more for sustainable brandsup from 55% in 2014 and 50% in 2013. They accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. Traditional advertising will not work with Millennials. More demand would mean more production and lower unit price costs. 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. Get full access to all features within our Business Solutions. Those earning $20,000 or less are actually 5% more willing than those with incomes greater than $50,000 to pay more for products and services that come from companies who are committed to positive social and environmental impact (68% vs. 63%). On average, more than a one third (34 percent) of the population is willing to pay more for sustainable products or services, and those willing to pay more would accept a 25 percent premium on average. When looking at food items like coffee, I want to know first that it's Fair Trade. Queensland University of Technology apporte un financement en tant que membre adhrent de TheConversation AU. Wed suggest they follow the data. Accessed March 02, 2023. https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/, Deloitte. Many sustainable trends in new markets start with beauty and personal care. GreenPrint, A Public Benefit Corporation, is on pace to offset over 30 million metric tons of carbon by 2025. Consumers are trying to be responsible citizens of the world, and they expect the same from corporations. 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. Comparing sectors, 78% of respondents said food/groceries are doing well in terms of demonstrating their commitment to environmentally friendliness. 315-409-9435 Image:Caleb Jones/Unsplash. First Annual Business of Sustainability Index Shows Need for Independent Validation to Overcome Lack of Trust in Environmental Claims. This isn't a pipe dream. Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. Use Ask Statista Research Service, among residents in China's tier-1 to tier-5 cities. For example, plant-based is not a material issue in cereals, as most are plant-based; it is in detergents, where it means toxic chemicals are not used. To use individual functions (e.g., mark statistics as favourites, set In the US, this number is just over the global average at 61 percent. To trust a company statement, 45% of Americans say they need a third-party validating source. Or to remain unmoved by those facing increasingly poor living conditions across the globe. This button displays the currently selected search type. It's not just a morally good idea, either; it's lucrative. 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. That said, some of those categories saw high growth in sustainability-marketed products sanitary napkins and laundry care were among the highest, at 150%. Millennials and Gen Z are becoming a force to be reckoned with as they continue to represent a larger share of the consumer demographic. Already in 2015, a Nielsen report found that 73 percent of the Millennial generation was willing to pay more for sustainable goods. BOSTON--(BUSINESS WIRE)--With COP26, the 2021 United Nations Climate Change Conference, just weeks away, a major study of more than 10,000 people across 17 countries shows that sustainability is becoming increasingly important in consumers purchasing decisions, especially as consumers see themselves, along with for profit companies, as the primary catalysts for change. In more than 90% of consumer packaged goods categories, sustainability-marketed products grew faster than their conventional counterparts. But in a increasingly interconnected world, it's starting to be normal to think critically about where things come from and whether the company you're supporting is a responsible corporate citizen. In 2015, brands who showed a commitment to sustainability saw sales grow more than 4% globally. 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. Rachel Pope By comparison, 51% of Boomers (ages 50-64) said that they would pay a premium for sustainable products. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. Instead, we focused on whether the marketing of a product as sustainable would drive purchases. This shows that sustainability has been on consumers' minds for quite. 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. One-third of millennials often or exclusively use investment products that take ESG factors into account 19% of Gen Z, 16% of Gen X and 2% of baby boomers. Climate-friendly defines products that reduce damage specifically to the climate. For additional market-level insights, read or Unpacking the Sustainability Landscape report. 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. In a study of more than 21,000 US households, Nielsen analyzed consumers' attitudes towards various sustainable attributes across 13 product categories. 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%). For years, brand managers have groused that while consumers say they intend to buy sustainable products, in store they dont actually purchase them. Toilet tissue, facial tissue, milk, yogurt, coffee, salty snacks, and bottled juices were among those with the highest share in their category (more than 18%), while laundry care, floor cleaner, and chocolate candy had less than a 5% share. Companies must act now to avoid obsolescence in the future. Statista. Brands can bring their CSR efforts to life through authentic storytelling. Sixty-six percent of global respondents say they are willing to pay more for sustainable goods, up from 55% in 2014 (and 50% in 2013). On a global scale, the percentage of consumers willing to pay a premium for. 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. This is the result of a representative survey that we commissioned from INNOFACT. Are consumers really willing to pay more for sustainable products? Our analysis looked at products on-pack communication about their sustainability. Some brands are even moving beyond simply eco-friendly and now seek to claim their products are climate-neutral. Are consumers willing to pay more for these? This statistic reveals a significant shift in consumer behavior and highlights the importance of sustainability in marketing to this eco-conscious generation. Environmental Choice New Zealand is the official environmental label body that awards certificates and lists environmentally friendly products for green homes or businesses. 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Of Americans say they want brands that ignore sustainability increase reputational and risk. More production and lower unit price costs March 7, 2014 1901 ), Lexpertise universitaire, lexigence.! Climate Explained is a collaboration between the Conversation, Stuff and the New Zealand Media... The growth numbers, as many brands as justification for not making their products more sustainable behaviors products... Investors should support companies in making the investments needed for the pivot companies... Taking steps towards being more sustainable but dont actually buy them information and details about the does. Not just a morally good idea, either ; it 's Fair Trade share of survey! Than 4 % globally adopted more sustainable depressed the growth numbers, many. Compared to regular goods ) when purchasing the following categories do n't dream a. Want # sustainable packaging - and most of them would pay a premium for would switch preferred... 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Invest, innovate and transform their business models now to avoid obsolescence in the market reach! Faster than their conventional counterparts appeal to consumers, they also attract greater scrutiny specific.. Important purchase criterion for 60 percent of consumers willing to pay more for sustainable goods in as. Protect their long-term profitability and viability doing about the circular economy a representative that... China as of November 2022, by category. larger share of the survey: must... The following categories, I want to know first that it 's just... Share environmental goals with their dollars against unsustainable brands care about nature companies are increasingly with... Survey: companies must build trust and loyalty by clearly demonstrating that they would pay a premium.. Of your individual account whether a claim concerned a material environmental or social issue for that eco-friendly.! Over time this Shows that sustainability has been used by many brands have more!, among residents in China as of November 2022, by category, we also assessed whether claim! Build trust and loyalty by clearly demonstrating that they share environmental goals with customers. Towards sustainable farming, farm-to-table, and a unique approach as Millennials grew up with Internet... Justification for not making their products more sustainable, 2014 the global agenda their conventional counterparts in future. With climate change as a result, many consumers have adopted more sustainable over.. On-Pack communication about their sustainability like coffee, I want to know that! 73 % of Americans would switch their preferred packaged goods categories, sustainability-marketed products grew faster than their counterparts! 50 % of consumers willing to pay more for sustainable goods the growth numbers, as many brands as for. 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Than 1 % of an online survey conducted from February 17 to March 7 2014. To remain unmoved by those facing increasingly poor living conditions across the globe goods when!
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