Becoming a sustainable company is a selfless pursuit for many eco-conscious business owners. But, increasingly, consumers are showing that they will gladly shell out their hard-earned cash for products that are eco-friendly.
So, a move toward greater sustainability can not only assuage your eco-guilt, it can also attract purpose-driven shoppers. As you can see, the numbers speak for themselves.
A shift toward sustainable shopping
Nearly six in 10 consumers (57%) would change their shopping habits to help reduce their environmental impact.
And, nearly eight in 10 consumers (77%) think it’s important that a product be sustainable and environmentally responsible.
Of those who think sustainability is very important, 72% would pay a premium for brands that are sustainable and environmentally responsible
The importance of sustainability can be seen across all age groups
From Gen Z to Boomers, at least 75% think sustainability to be moderately to extremely important to them. The percentages are as follows: Gen Z (75%), Millenials (79%), Gen X (77%), and Boomers (75%).
The circular economy is also becoming more attractive
When asked if they've purchased or want to purchase pre-owned, repaired, or renewed products, those who that answered affirmatively were as follows: Gen Z (78%), Millenials (77%), Gen X (70%), and Boomers (58%).
Transparency of sustainability claims
Not only is it increasingly important for brands to be sustainable, but consumers will also do their research to verify these claims.
73% of consumers believe that traceability is important when considering a product.
The pandemic is pushing eco-friendly sentiment up
Nearly half (48%) of consumers said COVID-19 has made them more concerned about the environment.
And, 55% are more likely to purchase environmentally friendly products as a result of their COVID-19 experiences.
Consumers are expecting more from companies
A whopping 78% of consumers think companies could be doing more to help them make better environmental decisions.
And, 65% expect clear explanations of environmental benefits on product labels or websites.
Desire to reduce single-use plastics is increasing
Increased awareness of the waste involved with single use plastics is making consumers more wary of using plastics in their daily life.
Eschewing plastic and paper bags, 59% of consumers are likely to bring reusable bags to go shopping in the next 12 months. This is a 21% increase from last year.
And, 57% are likely to carry reusable travel mugs, water bottles, and straws for drinks on the go. This has increased 37% over last year.
Sources:
- https://www.ibm.com/downloads/cas/EXK4XKX8
- https://www.kearney.com/consumer-retail/article/?/a/consumer-support-still-strong-as-earth-day-celebrates-its-50th-birthday
