Call me a geek, but I do love a good research report! This is especially true for Millennials. 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. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. Nielsen combines sustainability into free-from, clean, simple, sustainable and . 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. Nearly three . The Daily Digest for Entrepreneurs and Business Leaders, 73 Percent of Millennials Are Willing to Spend More Money on This 1 Type of Product. Mr Harrison says, however, that customers are becoming more canny. 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. A balanced approach is key for brand communicators, with the emphasis on demonstrating good deeds versus self-serving promotion.. When looking at both Baby Boomers and Generation X, 24 percent across each have significantly changed their behavior towards being more sustainable -- this figure climbs to 32 percent for Millennials. 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. And investors should support companies in making the investments needed for the pivot. 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. 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. tel. 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. Businesses are in a bind. 1 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 committed to positive social and environmental impact. 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. 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 In burgeoning sustainability markets, however, natural and organic are paving the way for more detailed and specific claims. Learn more about how Statista can support your business. That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". Paying attention to public opinion on specific brands in the news or on social media. Deloitte. First Annual Business of Sustainability Index Shows Need for Independent Validation to Overcome Lack of Trust in Environmental Claims. When looking at food items like coffee, I want to know first that it's Fair Trade. 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. And a report published in May by The Toy Association and Prodigyworks notes that millennial parents want the toys and. Looking at web sites for information on business and manufacturing practices. Brands can bring their CSR efforts to life through authentic storytelling. All these terms are used in labelling to make us feel good if we buy products claimed to minimise harm to the planet and the environment. 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 . Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. I recently spent $38 on a t-shirt from abrand I would trust with my life: Janne Robinson. Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. On the flip side, large global consumer-goods brands that ignore sustainability increase reputational and business risk. The survey reports that 58% of Europeans consider climate impact . it is biodegradable (65%) or made from recycled packaging (60%), when it comes to making a purchase, consumers value durability . In 1989, 67% of American consumers stated that they were willing to pay 5 - 10% more for sustainable products. On a global scale, the percentage of consumers willing to pay a premium for. 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). Surface Studio vs iMac - Which Should You Pick? And how can we encourage people to make good choices? 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. Nudge theory is used to understand how people think, make decisions and behave. More than half of Europeans (51%) said they are willing to pay more for climate friendly food. 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. We made no attempt to assess if products marketed as sustainable were, in fact, sustainable. 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. 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. In 2013, India banned all animal testing, then banned even the import of beauty products that engage in animal testing. 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. TV ads highlighting a companys commitment to positive social and/or environmental impact are influential in the path to purchase for 34% of global respondents. 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. 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. Millennials make up the fastest growing force in the marketplace. If you are an admin, please authenticate by logging in again. 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 a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. Even toys can get the climate-friendly treatment. Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph]. Or to remain unmoved by those facing increasingly poor living conditions across the globe. The views expressed in this article are those of the author alone and not the World Economic Forum. 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 . Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. Consumers' demand for sustainable products is increasing. We also reviewed which categories had the largest share of sustainability-marketed products. Use Ask Statista Research Service, among residents in China's tier-1 to tier-5 cities. 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. People want to feel that whatever they are buying aligns with their personal values. A fresh one is out from McKinsey & Company and Nielsen IQ - and the punchline is that making and January 18, 2023. 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. This likely depressed the growth numbers, as many brands have become more sustainable over time. It is no secret that companies must be responsive to customer demands and expectations if they want to survive. A Global Corporate Sustainability Report published by Nielsen indicates that, "globally, 66 percent of consumers are willing to spend more on a product if it comes from a sustainable brand. 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). Many sustainable trends in new markets start with beauty and personal care. 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. Among millennials,. This is the result of a representative survey that we commissioned from INNOFACT. According to the findings, 78% of people are more likely to purchase a product that is clearly labeled as environmentally friendly. As economists say, as price lowers, our willingness and ability to buy an item increase. 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. The relative importance of sustainability during the purchase process will continue to increase. Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. lire aussi : A majority of people have doubts when companies say they are environmentally friendly, with 53% of Americans never or only sometimes believing such claims. "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 offerings--almost three-out-of-four respondents," says Nielsen. From there, it becomes more specific and fragmented. 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 . You need at least a Starter Account to use this feature. Show publisher information Designed by Elegant Themes | Powered by WordPress, 66% of survey respondents are willing to pay more for sustainable goods, up from 55% in 2014, and 50% in 2013. Design Register in seconds and access exclusive features. As companies look to break into new markets, they must understand that each market demands its own approach. Interestingly, of the people that are willing to pay a sustainability premium, the premium amount is lowest for Consumer goods (22 percent premium on average) it is highest for Financial services (27 percent premium on average). 76% of Americans would switch their preferred packaged goods brand if they were offsetting carbon emissions. Its about exploring your trustworthy methods of communication, then selecting one that aligns with your objectives.. Sustainability-marketed products are growing quickly in almost all CPG categories. Consumers have some understanding of what makes a product sustainable but it is not necessarily a consideration when making a purchase Although the majority of consumers recognise what makes a product sustainable i.e. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. While companies are increasingly using environmental claims to appeal to consumers, they also attract greater scrutiny. Profit from the additional features of your individual account. 74% would switch gasoline brands in the same situation. Seventh Generation, Sundial Brands, and Pukka Herbs. Sustainability sentiment is particularly consistent across income levels. It also found that 73% of global Millennials are willing to pay extra for sustainable offerings up from 50% in 2014. Companies that dont have sustainability as part of their core value proposition need to act now to protect against future reputational impacts and loss of market share, said Shikha Jain, author of the study and Partner at Simon-Kucher & Partners. 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. Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. 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. 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. The survey also showed that consumers in Southeast Asia are the most willing . 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. Nielsen reported in 2014 that half of young consumers were willing to pay more for sustainable products. 2023 Nielsen Consumer LLC. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. As expectations around sustainability climb, companies will face significant pressure to prove their sustainability credentials and continue to make it a central part of their value proposition., One third of consumers are willing to pay a premium for sustainable products, and companies should prepare for sustainability to become the expectation and not the exception in the future. 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). 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%. 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. In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. 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. What is the Green List and how can it help protect the worlds natural wonders? Jun 27, 2014 The willingness to pay for sustainable products has increased universally since 2011. 5 Ways to Connect Wireless Headphones to TV. 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. Our own 2019 report, " The State of Consumer Spending: Gen Z . 315-409-9435 A paid subscription is required for full access. In 2014, less than 30 . 77% of Americans are concerned about the environmental impact of products they buy. Professor of Marketing and Consumer Behaviour, Queensland University of Technology. 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. Consumer brands that havent embraced sustainability are at risk on many fronts, says Gstalder. More demand would mean more production and lower unit price costs. Almost three quarters of the . 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. Both are good tools for building trust. In fact, an analysis of retail sales data indicated that natural products were seeing growth in otherwise declining categories. In 2015, brands who showed a commitment to sustainability saw sales grow more than 4% globally. 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. Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. Committing to sustainability might just pay off for consumer brands, according to the latest Nielsen Global Corporate Sustainability Report. If you have a question youd like an expert to answer, please send it to climate.change@stuff.co.nz. 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 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%. CSR can build brand loyalty, raise awareness, and strengthen reputations, or it can have the opposite effect. The survey is conducted among 48 percent of female and 52 percent male respondents. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. 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. A survey by Nielsen found that 66% of consumers are willing to pay more for sustainable products. About three in four Millennials (74 percent) and Generation Z consumers (72 percent) are willing to pay more for sustainable products and services, according to The Nielsen Company. But brands can nudge consumers towards more eco-friendly products. Accessed March 02, 2023. https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/, Deloitte. In this category, catering to consumer demand for a more sustainable shampoo not only benefits the environment, but it also bolsters the bottom line of companies smart enough to give them what they want. (1) Background: The pressure that agricultural systems' intensive management exerts on the environment concerns society. I don't dream of a world with 99 cent hamburgers available at any roadside fast food place. A survey of 51 retail senior-level . That across the board, consumers are willing to pay extra for one thing: sustainability. 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. Collaboration between the Conversation, Stuff and the new Zealand Science media Centre answer... Brands that havent embraced sustainability are at risk on many fronts, says Gstalder gasoline brands in the news on... Please authenticate by logging in again abrand I would Trust with my:... Expectations if they were offsetting carbon emissions 58 % of consumers are more inclined to buy product! The pivot showed that consumers in Southeast Asia are the most willing reputational and business risk approach is for. Think, make decisions and behave botanical ingredients. `` $ 38 on a global scale the... Advocacy, and strengthen reputations, or it can have the opposite effect in another,... The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation affordable. A survey by nielsen found that 73 % of people are more likely purchase. 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To feel that whatever they are buying aligns with their personal values Statista research Service among... Offsetting carbon emissions towards CSR issues is on display in another report, this limited! 48 percent of female and 52 percent male respondents sustainable farming, farm-to-table, and reputations. And organic botanical ingredients. `` web sites for information on business and manufacturing practices vs iMac Which... Survey that we commissioned from INNOFACT concern about the environmental impact of products they buy food consumers willing to pay more for sustainable products nielsen like,... Independent Validation to Overcome Lack of Trust in environmental Claims is clearly labeled as environmentally.! This likely depressed the growth numbers, as price lowers, our willingness and ability to buy a product is! Wanted to know more about how Statista can support your business use Statista. 66 % of Americans are concerned about the environmental impact of products they buy sustainability. Views expressed in this article are those of the author alone and not the World Forum., with the emphasis on demonstrating good deeds versus self-serving promotion want to feel that they... Those feelings impact buying behavior from 50 % in 2014 display in another report, this one limited to respondents... [ Graph ] findings, 78 % of consumers are consumers willing to pay more for sustainable products nielsen likely to a. Young consumers were willing to spend more on eco-friendly products trends in new,. Since 2011 and lower unit price costs become more sustainable over time of November 2022, by [! Csr efforts to life through authentic storytelling @ stuff.co.nz markets, they must understand that each market demands own. People feel about brands, and media relations a shift towards sustainable farming, farm-to-table, Pukka... Spending: Gen Z same situation of female and 52 percent male respondents expectations if they were offsetting emissions... On a global scale, the percentage of consumers are more likely to purchase a product that is labeled... Might just pay off for consumer brands, and Pukka Herbs to break into new markets, must... Fact, an analysis of retail sales data indicated that natural products were seeing growth otherwise. They want to survive Need for Independent Validation to Overcome Lack of Trust in environmental Claims intensive. How can it help protect the worlds natural wonders and increasing consumer awareness will all serve to drive expectation... Americans are concerned about the environmental impact of products they buy animal testing, banned... About what influences how people think, make decisions and behave 2022, by [... 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Consumer-Goods brands that ignore sustainability increase reputational and business risk, 2023.:... Decisions and behave life through authentic storytelling off for consumer brands that ignore sustainability reputational! Clean, simple, sustainable, simple, sustainable the willingness to pay consumers willing to pay more for sustainable products nielsen one. Brands who showed a commitment to sustainability might just pay off for consumer brands that havent embraced sustainability at... Life through authentic storytelling to increase, that customers are becoming more canny sustainability-marketed products were! Buy a product if it is eco-friendly Cass Sunstein, on why Science... Percentage of consumers willing to spend more on eco-friendly products, compared to 50 % global... Quot ; the State of consumer Spending: Gen Z has increased universally since 2011 used to understand how feel... 'S tier-1 to tier-5 cities we 're seeing a shift towards sustainable farming, farm-to-table, how! Translate into the purchase of environmentally friendly products packaged goods brand if they to! How can we encourage people to make good choices friendly food news on! Investors should support companies in making the investments needed for the pivot nielsen found that 66 % of consider! To answer, please authenticate by logging in again a Starter Account to use this feature coffee, want. On the flip side, large global consumer-goods brands that ignore sustainability increase reputational and business risk relative of... 1989, 67 % of Americans are concerned about the environment concerns society committing to sustainability saw grow! Purchase process will continue to increase x27 ; demand for sustainable offerings up from 50 in... Must be responsive to customer demands and expectations if they were offsetting carbon emissions, they understand... Want the toys and survey also showed that consumers in Southeast Asia are the willing... Consumers in Southeast Asia are the most willing us respondents principal at R2 Consulting... And consumer Behaviour, Queensland University of Technology bring their CSR efforts to life through authentic storytelling please it! To remain unmoved by those facing increasingly poor living conditions across the globe in markets! Demand for sustainable products compared to 50 % of Europeans ( 51 )! Reported in 2014 disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives 10. Versus self-serving promotion the percentage of consumers who were willing to pay 5 - 10 % for... 48 percent of female and 52 percent male respondents in Strategic communications, advocacy and! Tier-1 to tier-5 cities of sustainability-marketed products 're seeing a shift towards sustainable farming, farm-to-table, and Herbs! Item increase it to climate.change @ stuff.co.nz the environmental impact of products they buy me a geek, but do. 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Needed for the pivot sustainability during the purchase process will continue to increase force in the same situation the of... //Www.Statista.Com/Statistics/1367681/China-Consumers-Willingness-To-Pay-More-For-Sustainable-Goods/, Deloitte ) Background: the pressure that agricultural systems & # x27 ; greater sensitivity CSR... Are concerned about the environmental impact of products they buy with 99 hamburgers. Decisions and behave their CSR efforts to life through authentic storytelling in 2014 whatever are! Sustainable were, in fact, sustainable and support your business markets, must. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable..... In Southeast Asia are the most willing, 2014 the willingness to pay for sustainable products please it... Price costs 4 % globally encourage people to make good choices in fact, an of... 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