Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph]. The survey reports that 58% of Europeans consider climate impact . 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. Michele Koch Tech is close behind at 74%, while gas stations and convenience stores rank lower at 51% and 54% respectively. A 2014 Nielsen study found that 55 percent of global consumers are so passionate about the planet and its people that they're willing to pay more for products and services provided by. This likely depressed the growth numbers, as many brands have become more sustainable over time. They are willing to rethink their buying habits to incorporate environmental and social product benefits into their buying decisions. 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). Across industries, willingness to pay for sustainability is highest in Consumer goods (38 percent), and lowest for Energy/utilities (31 percent). While 66 percent of global consumers are willing to pay. Shoppers once selected grocery products based simply on price or brand, but now attributes such as climate-friendly or eco-friendly are part of the consideration. 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). For further information please contact: A survey of 51 retail senior-level . In burgeoning sustainability markets, however, natural and organic are paving the way for more detailed and specific claims. Create a free account and access your personalized content collection with our latest publications and analyses. Climate-friendly defines products that reduce damage specifically to the climate. 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. What do these findings mean for corporate managers and investors? Consumers from 60 countries were surveyed for this report. The survey also showed that consumers in Southeast Asia are the most willing . The survey is conducted among 48 percent of female and 52 percent male respondents. Show publisher information The relative importance of sustainability during the purchase process will continue to increase. 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 . 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. "Our sustainability. 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. not how pretty the blush is. As a Premium user you get access to the detailed source references and background information about this statistic. 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). Millennials already played a significant . 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%. Georgetown University School of Continuing Studies. "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. 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. This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. Are consumers really willing to pay more for sustainable products? I don't dream of a world in which I can get a shirt for $3.99 just for the sake of that. We see the impact of similar sentiment around shower gel, a category where naturals own 10.3% of the value share, and the overall category saw sales decline 0.8%. Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. 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 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 . People want to feel that whatever they are buying aligns with their personal values. That said, some of those categories saw high growth in sustainability-marketed products sanitary napkins and laundry care were among the highest, at 150%. The views expressed in this article are those of the author alone and not the World Economic Forum. 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%). 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. Queensland University of Technology apporte un financement en tant que membre adhrent de TheConversation AU. This button displays the currently selected search type. Checking labels before buying. 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. According to a June 2014 Nielsen study , 55% of global online consumers "are willing to pay more for products and services from companies that are committed to positive social and environmental impact." In fact, as early as 1992, the European Commission established the EU Ecolabel , a Europe-wide voluntary environmental labeling scheme that . And its no longer just wealthy suburbanites in major markets willing to open their wallets for sustainable offerings. In 1989, 67% of American consumers stated that they were willing to pay 5 - 10% more for sustainable products. 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. For example, the climatop label certifies products that generate significantly less greenhouse gas than comparable products. Please do not hesitate to contact me. And according to Nielsen, I'm not alone in that. Since then, the trend has only increased: a 2015 Nielsen poll showed that 66% of global consumers are willing to pay more for environmentally sustainable products. 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. Products and services that are offered from socially responsible companies may be able to charge more, according to a report by Nielsen. 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. 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. As soon as this statistic is updated, you will immediately be notified via e-mail. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. The U.S. sustainability market is projected to reach $150 billion in sales by 2021, according to Nielsen . We also reviewed which categories had the largest share of sustainability-marketed products. 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. When looking at food items like coffee, I want to know first that it's Fair Trade. Our eBook "What ESG means to you and your consumers in 2022" is designed to help Social responsibility is a critical part of proactive reputation management. 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. As a result, many consumers have adopted more sustainable behaviors. Others are working for or supporting organizations dedicated to social and environmental change. to incorporate the statistic into your presentation at any time. 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. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. (January 18, 2023). Mr. Davis said of the survey: Companies must build trust and loyalty by clearly demonstrating that they share environmental goals with their customers. 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. When it comes to sales intent, commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. And investors should support companies in making the investments needed for the pivot. Recent Study Reveals More Than a Third of Global Consumers Are Willing to Pay More for Sustainability as Demand Grows for Environmentally-Friendly Alternatives While attitudes vary across. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. Construction/home (66 percent), Consumer goods (63 percent), Travel and tourism (62 percent) and Automotive (61 percent) range in between. lire aussi : 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. Are consumers willing to pay more for these? In a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. In more than 90% of the CPG categories, sustainability-marketed products grew faster than their conventional counterparts. An Inc. 5000 company and a member of 1% Percent for the Planet, GreenPrints turnkey offerings help companies meet sustainability goals while increasing brand value and customer loyalty making it easy for businesses to do well by doing good. 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. Personal values indeed. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. Learn more about how Statista can support your business. A majority (55%) of consumers are willing to spend extra money in order to purchase environmentally friendly products, though at differing amounts. IRIs data comes from bar scan codes at retail checkout in food, drug, dollar, and mass merchandisers. 5 Ways to Connect Wireless Headphones to TV. 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. What is the World Economic Forum doing about the circular economy? 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. 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. As a Premium user you get access to background information and details about the release of this statistic. A balanced approach is key for brand communicators, with the emphasis on demonstrating good deeds versus self-serving promotion.. Both are good tools for building trust. Topping the list of sustainability factors that influence purchasing for nearly two-of-three (62%) consumers globally: brand trust. Deloitte. But nearly 60% are unwilling to pay more money for that eco-friendly product. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. As a result, e-commerce businesses that prioritize environmentally-friendly practices will likely see a competitive advantage. 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. While companies are increasingly using environmental claims to appeal to consumers, they also attract greater scrutiny. 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. Simon-Kucher & Partners, Strategy & Marketing Consultants: Simon-Kucher & Partners is a global consulting firm specializing in TopLine Power. 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%). This is especially true for Millennials. Feb 28, 2023. michele@greenprintcorp.com Ultimately, the research that evaluates consumers willingness to pay more for green products has been mixed. In 2013, India banned all animal testing, then banned even the import of beauty products that engage in animal testing. 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. Get in touch with us now. According to the findings, 78% of people are more likely to purchase a product that is clearly labeled as environmentally friendly. Call me a geek, but I do love a good research report! 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. Consumers are voting with their dollars against unsustainable brands. "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. Here, sales of natural shower gel sales skyrocketed upward 80% during the same period. Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. 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. 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. Those that had no such commitment grew less than 1%. Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. 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. Inherently skeptical, Millennials will punish companies on social media not deemed to be fully transparent as well as those that pay lip service to CSR and causes important to them. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. 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. Businesses are in a bind. For years, brand managers have groused that consumers say they intend to buy sustainable products but dont actually buy them. Rudominers lifelong passion is using communication to foster social change. Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. That across the board, consumers are willing to pay extra for one thing: sustainability. Our own 2019 report, " The State of Consumer Spending: Gen Z . And companies with strong reputations outperform others when it comes to attracting top talent, investors, community partners, and importantly, consumers.. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. They accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. Globally, sustainability is rated as an important purchase criterion for 60 percent of consumers. Consumers want #sustainable packaging - and most of them would pay more for it. 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%. 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. Overall, consumers identified . Environmental Choice New Zealand is the official environmental label body that awards certificates and lists environmentally friendly products for green homes or businesses. 28 Feb 2023 --- Sustainability factors are increasingly influencing the purchasing behavior of European consumers, according to a study published by crop nutrition company Yara International via IPSOS. You need at least a Starter Account to use this feature. For this group, personal values are more important than personal benefits, such as cost or convenience. For years, brand managers have groused that while consumers say they intend to buy sustainable products, in store they dont actually purchase them. ATLANTA--(BUSINESS WIRE)--Americans are seeking out and are willing to pay a premium for environmentally friendly products, according to a new study from GreenPrint, an environmental technology company. Fifty percent of global consumers are willing to pay more for goods and services from companies that have implemented programs to give back to society, according to a new study from Nielsen. Some brands are even moving beyond simply eco-friendly and now seek to claim their products are climate-neutral. 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. 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). [Online]. 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. A clear majority of Europeans (74%) say food companies need to work to reduce the emissions from . 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. 'Global consumer-goods' brands that ignore sustainability increase reputational and business risk' Nielsen's research also found that 66 percent of consumers were willing to pay more for sustainable goods in comparison to 50 percent in 2013. You need a Statista Account for unlimited access. 1901), Lexpertise universitaire, lexigence journalistique. Or to remain unmoved by those facing increasingly poor living conditions across the globe. Are you making an effort to reach these socially conscious young people? Already in 2015, a Nielsen report found that 73 percent of the Millennial generation was willing to pay more for sustainable goods. 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. The shift in consumer buying, where more consumers are willing to pay more for environmentally conscious products, underscores the need for manufacturing companies to enhance their commitment to responsible business practices using technologies that support more sustainable product design and development. For fifteen years, Rudominer has operated on the front lines and behind the scenes of numerous communications campaigns, providing strategic counsel to public officials, corporations, trade associations, and non-profits. What is the Green List and how can it help protect the worlds natural wonders? Most important,. The report, "Doing Well by Doing Good," found that most consumers are willing to pay more money for good and services that are sustainable. Use Ask Statista Research Service, among residents in China's tier-1 to tier-5 cities. 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. Commitment to either social value or the consumers community are also important (each influencing 43% and 41% of respondents, respectively). By 2021, consumers are expected to spend $150 billion on sustainable goods. In 2015, Nielsen polled 30,000 consumers in 60 countries around the world. 9. We help our clients achieve growth and profit targets by applying practical, evidence-based strategies. This figure is even higher for millennials (73%) and Generation Z (72%). Profit from the additional features of your individual account. Good Environmental Choice Australia is a similar organisation. 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). 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. For more information, visit www.nielsen.com. Companies must act now to avoid obsolescence in the future. Consumer-goods brands that fail to take this into account will likely fall behind.. Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. All Rights Reserved. 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. The future for CPG, and increasingly for other categories such as apparel, is sustainable. , Feb 8, 2023. Saving biodiversity: why our mental and physical health depends on it. 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. 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. 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. . 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). More demand would mean more production and lower unit price costs. 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