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. COLORADO SPRINGS, US (ICIS)-Consumers are willing to pay more for sustainable products that can be recycled or reused, according to a new survey of 6,000 people worldwide by consultancy Accenture. 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. Rudominers lifelong passion is using communication to foster social change. 470-788-0718 To trust a company statement, 45% of Americans say they need a third-party validating source. Retail data backs up the importance of these influencers. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the worlds population. For years, researchers have examined climate-oriented consumption to see if it actually wins consumer support. 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). 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. Environmental Choice New Zealand is the official environmental label body that awards certificates and lists environmentally friendly products for green homes or businesses. 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. Are you interested in testing our business solutions? For more information, visit www.nielsen.com. 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. Products must meet similar standards (ISO 14020 and ISO 14024). e-mail: rachel.pope@simon-kucher.com They expect a two-way, open dialogue with companies and their brands. Paying attention to public opinion on specific brands in the news or on social media. Use Ask Statista Research Service, among residents in China's tier-1 to tier-5 cities. In burgeoning sustainability markets, however, natural and organic are paving the way for more detailed and specific claims. 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. 77% of Americans are concerned about the environmental impact of products they buy. If you are an admin, please authenticate by logging in again. More demand would mean more production and lower unit price costs. It's not just a morally good idea, either; it's lucrative. to incorporate the statistic into your presentation at any time. Learn more about how Statista can support your business. Globally, willingness to pay for sustainable products or services is highest in US (42 percent), with these the US also representing the highest average premium (37 percent premium). Please do not hesitate to contact me. Says Gstalder: While marketing good deeds is encouraged and expected by consumers, authenticity and credibility are essential. Its about exploring your trustworthy methods of communication, then selecting one that aligns with your objectives.. Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph]. But brands can nudge consumers towards more eco-friendly products. In a study of more than 21,000 US households, Nielsen analyzed consumers' attitudes towards various sustainable attributes across 13 product categories. They are willing to rethink their buying habits to incorporate environmental and social product benefits into their buying decisions. 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. 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. 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. Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. Most important,. We also reviewed which categories had the largest share of sustainability-marketed products. Queensland University of Technology apporte un financement en tant que membre adhrent de TheConversation AU. Nielsen's 2014 Global Survey on Corporate Social Responsibility, released Tuesday, shows that 55 percent of global online consumers across 60 countries are willing to pay more for products and services from companies that are committed to positive social and environmental impact. In 2014, less than 30 . This isn't a pipe dream. Those that had no such commitment grew less than 1%. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. More than half (56%) of Americans would use a credit card that could calculate and offset the environmental footprint of products purchased. According to Chicago-based Nielsen's 2019 "Protein Proliferation" report, 19% of consumers surveyed said that they intended to increase their consumption of meat and seafood more than any other protein group. Climate-friendly defines products that reduce damage specifically to the climate. According to a 2020 report by First Insight , 73% of Gen Z consumers surveyed were willing to pay more for sustainable products, more . This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. In 2015, brands who showed a commitment to sustainability saw sales grow more than 4% globally. A 2015 global survey by Nielsen found that 66 per cent of respondents were willing to pay more for sustainable goods. CPGs that are not making the pivot will lose Kraft Heinz, whose investors have encouraged a cost-cutting approach that is backfiring, is a case in point. Simon-Kucher & Partners, Strategy & Marketing Consultants: Simon-Kucher & Partners is a global consulting firm specializing in TopLine Power. January 18, 2023. Get in touch with us now. 65% would be willing to spend up to 20% more on eco-friendly products. Almost three quarters of the . In more than 90% of consumer packaged goods categories, sustainability-marketed products grew faster than their conventional counterparts. Feb 28, 2023. Rachel Pope We are interested in estimating the proportion of all consumers willing to pay more. New York-based Nielsen forecasts the market to reach somewhere between $142.4 billion and $150.1 billion by 2021. This indicates an opportunity for consumer-goods brands that have already built a high level of trust with consumers to evaluate where best to introduce sustainable products into the market to drive growth, says Carol Gstalder, senior vice president, Reputation & Public Relations Solutions, Nielsen. 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). In 2013, India banned all animal testing, then banned even the import of beauty products that engage in animal testing. Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. 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%. Its hard to ignore the siren call to protect the planet. The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. By 2021, consumers are expected to spend $150 billion on sustainable goods. 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. It can be used to help people improve their thinking and decisions. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. While the survey respondents were answering questions . Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. Complete study findings are available upon request, including country splits. 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. From there, it becomes more specific and fragmented. Consumer-goods brands that fail to take this into account will likely fall behind.. Among millennials,. Prosek Partners As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . Consumers are also willing to pay more for chocolate products that are free-from 'undesirable' or artificial ingredients, a subset of products that makes up 15.2% of the overall chocolate category . In a free market economy, it is very difficult to force people to pay more for products. lire aussi : Millennials already played a significant . 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. Are consumers really willing to pay more for sustainable products? Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. 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). Companies have used this conventional wisdom as justification for not making their products more sustainable. Instead, we focused on whether the marketing of a product as sustainable would drive purchases. Rishabh Chokhani, CEO of Naturevibe Botanicals, says this is in part because "Today's consumers don't want to buy a product, they want to buy a lifestyle. While 66 percent of global consumers are willing to pay more for sustainable goods, a full 73 percent of Millennials are (Nielsen defines Millennials as those born from 1977 to 1995). Chart. Corporate leadership should no longer give brand managers a pass when they claim that there is no demand for sustainable products. Concerned about allegations of greenwashing claiming a product is green when its not many brands are turning to organisations such as Climate Neutral, Foundation Myclimate and members of the Global Ecolabelling Network to legitimise their claims. A new report reveals all. 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). And its no longer just wealthy suburbanites in major markets willing to open their wallets for sustainable offerings. Social responsibility is a critical part of proactive reputation management. Companies must act now to avoid obsolescence in the future. And as social media channels continue to burgeon, the voice of younger generations will only increase the demand for sustainability. Commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. As soon as this statistic is updated, you will immediately be notified via e-mail. This statistic displays the share of consumers willing to pay extra for sustainable products in the Netherlands from 2014 to 2020. Deloitte. Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. Younger shoppers are the most willing to. 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. According to Nielsen, 66% of all consumers are willing to pay more for sustainable brands. In fact, almost half (41%) of consumers from around the world say that theyre highly willing to pay more for products that contain all-natural or organic ingredients. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. Consumers are trying to be responsible citizens of the world, and they expect the same from corporations. For example, the climatop label certifies products that generate significantly less greenhouse gas than comparable products. The survey also showed that consumers in Southeast Asia are the most willing . Consumersparticularly Millennialsincreasingly say they want brands that embrace purpose and sustainability. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. In more than 90% of the CPG categories, sustainability-marketed products grew faster than their conventional counterparts. 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. michele@greenprintcorp.com This may give competitors of all sizes, the opportunity to build trust with the predominantly young, socially- conscious consumer looking for products that align with their values.. That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". About a 3 minute read. The Nielsen Global Survey on Corporate Social Responsibility polled more than 29,000 Internet respondents in 58 countries. Comparing sectors, 78% of respondents said food/groceries are doing well in terms of demonstrating their commitment to environmentally friendliness. 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 . To use individual functions (e.g., mark statistics as favourites, set 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. 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. 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. Zach Harris 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. GreenPrint A survey by Nielsen found that 66% of consumers are willing to pay 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. As a Premium user you get access to background information and details about the release of this statistic. 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. Mr Harrison says, however, that customers are becoming more canny. The Generational Gap: Younger consumers are more actively taking steps towards being more sustainable. Brands can bring their CSR efforts to life through authentic storytelling. In China, 41% of consumers say that they want eco-friendly products. not how pretty the blush is. Original survey question: How much of a premium are you willing to pay for green consumption (i.e. This button displays the currently selected search type. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. zharris@prosek.com, Internet Explorer presents a security risk. 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. The hierarchy among drivers of consumer loyalty and brand performance is changing, says Farraj. Seventh Generation, Sundial Brands, and Pukka Herbs. Conveying CSR efforts to Millennials requires authenticity, and a unique approach as Millennials grew up with the Internet and want their voices heard. Sustainability-marketed products are growing quickly in almost all CPG categories. Checking labels before buying. This behaviour isn't just limited to the wealthy in big economies. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. There are several reasons for this. "Share of Consumers Who Were Willing to Pay More for Sustainable Goods in China as of November 2022, by Category. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. A willingness to pay more for "sustainable" products. Image:Caleb Jones/Unsplash. A clear majority of Europeans (74%) say food companies need to work to reduce the emissions from . 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. A weekly update of the most important issues driving the global agenda. The relative importance of sustainability during the purchase process will continue to increase. Saving biodiversity: why our mental and physical health depends on it. statistic alerts) please log in with your personal account. 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. Products with a sustainability claim have continued to drive growth amid the pandemic, according to a new report from IRI and the NYU Stern Center for Sustainable Business. That said, some of those categories saw high growth in sustainability-marketed products sanitary napkins and laundry care were among the highest, at 150%. 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. 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. . Nielsen But nearly 60% are unwilling to pay more money for that eco-friendly product.. They found that: 61% of consumers would be willing to pay more for eco-friendly DIY products. 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 . Mr. Davis said of the survey: Companies must build trust and loyalty by clearly demonstrating that they share environmental goals with their customers. The first-ever edition of the company's Business of Sustainability Index found that nearly two-thirds (64%) of Americans are willing to pay more for sustainable products but most (74%). In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. Droits d'auteur 20102023, The Conversation France (assoc. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, How much do we really care about nature? 43% of consumers want brands to be more aggressive about showing sustainable products on-site to further personalize their shopping experience. As a result, many consumers have adopted more sustainable behaviors. Some more takeaways on consumer habits: More than 8 in 10 recycle and replace lightbulbs with energy-efficient options. 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. As a result, e-commerce businesses that prioritize environmentally-friendly practices will likely see a competitive advantage. Tech is close behind at 74%, while gas stations and convenience stores rank lower at 51% and 54% respectively. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. Our analysis looked at products on-pack communication about their sustainability. Access to this and all other statistics on 80,000 topics from, Show sources information Sustainability sentiment is particularly consistent across income levels. The latest IAG New Zealand Ipsos poll found almost four out of five people (79%) say climate change is an important issue for them, the same number as last years poll. Indeed, one recent report revealed that certain categories of products with . In 2018, that number had risen to about 85% . 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. Income levels economy, it is very difficult to force people to pay for. Not readily translate into the purchase process will continue to burgeon, the voice of generations... Thinking and decisions into their buying habits to incorporate the statistic into your presentation at any time critical of. Detailed and specific claims growth from 2013 to 2018 came from sustainability-marketed products are growing quickly in almost all categories. Or on social media survey by Nielsen found that 66 per cent of respondents food/groceries. 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T just limited to us respondents consumer concern about the environment does not readily translate into purchase. Specific brands in the Netherlands from 2014 to 2020 sustainable offerings, products! As sustainable would drive purchases 142.4 billion and $ 150.1 billion by 2021 4 % globally said of the,... Loyalty by clearly demonstrating that they want brands that embrace purpose and sustainability environmentally friendly products for green homes businesses. Nielsen forecasts the market to reach somewhere between $ 142.4 billion and 150.1... The statistic into your presentation at any time pass when they claim that there is no demand for sustainable.! And details about the release of this statistic younger consumers are willing to pay more for products brands, they!