As a result, many consumers have adopted more sustainable behaviors. A 2015 global survey by Nielsen found that 66 per cent of respondents were willing to pay more for sustainable goods. According to the report, sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally in the past year, while those without grew less. Retail data backs up the importance of these influencers. Pay more, waste less: 32% of consumers would pay more for a product from a brand that they believe is committed to sustainability. 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). 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. 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. 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. Prosek Partners 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. By 2021, consumers are expected to spend $150 billion on sustainable goods. The carbon footprints of the certified products are based on international standards (ISO 14040) and verified by an independent expert. 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. The Daily Digest for Entrepreneurs and Business Leaders, 73 Percent of Millennials Are Willing to Spend More Money on This 1 Type of Product. 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. 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. Some more takeaways on consumer habits: More than 8 in 10 recycle and replace lightbulbs with energy-efficient options. 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. 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. 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). The Generational Gap: Younger consumers are more actively taking steps towards being more sustainable. 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). Our eBook "What ESG means to you and your consumers in 2022" is designed to help A clear majority of Europeans (74%) say food companies need to work to reduce the emissions from . 75% of Millennials are willing to pay more for an environmentally sustainable product, compared to 63% of Gen Z, 64% of Gen X, and 57% of Boomers. Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. I recently spent $38 on a t-shirt from abrand I would trust with my life: Janne Robinson. Social responsibility is a critical part of proactive reputation management. A fresh one is out from McKinsey & Company and Nielsen IQ - and the punchline is that making and Consumers from 60 countries were surveyed for this report. 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. 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 . Using multiple communication methods is important to demonstrate good deeds, such as third-party validation (news coverage), annual reports, affiliation with a respected non-profit or civic organization, employee volunteerism, advertising, or reporting actual work in the community on a web site. Hence, despite environmental concern and the positive attitude of customers towards sustainability and green products, its estimated the market share of green products will reach only 25% of store sales by 2021. 2023 Nielsen Consumer LLC. The Consumer Sustainability Survey (2019) found that 72% of consumers buy more environmentally-friendly products than five years ago. The Nielsen Global Survey of Corporate Social Responsibility and Sustainability was conducted between Feb. 23-March 13, 2015, and polled more than 30,000 consumers in 60 countries throughout Asia-Pacific, Europe, Latin America, the Middle East, Africa, and North America. 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. 65% would be willing to spend up to 20% more on eco-friendly products. January 18, 2023. 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 . Green is the new black: why retailers want you to know about their green credentials. 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. This is especially true for Millennials. 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. It can be done. Studies show eco-friendly logos and labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly offerings. As economists say, as price lowers, our willingness and ability to buy an item increase. Can changing your mindset change everything? As US psychologist Icek Ajzen wrote: Actions, then, are controlled by intentions, but not all intentions are carried out . On the flip side, large global consumer-goods brands that ignore sustainability increase reputational and business risk. We are interested in estimating the proportion of all consumers willing to pay more. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Please create an employee account to be able to mark statistics as favorites. 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. This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. Minds can be changed, laws can be changed, and companies can be changed. 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. 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. This button displays the currently selected search type. 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. This is a relatively new perspective for consumers. You need a Statista Account for unlimited access. Tech is close behind at 74%, while gas stations and convenience stores rank lower at 51% and 54% respectively. 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. This isn't a pipe dream. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. For this reason, the demand for sustainable foods is growing in the market. [Online]. 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. From procuring raw materials to shipping the final product, almost all steps of the manufacturing and production process of eco-friendly products cost more than traditional products. The survey was fielded from February 15 to February 16, 2021 among a demographically balanced nationally representative sample of 1,017 U.S. adults 18 years of age and older. Here, sales of natural shower gel sales skyrocketed upward 80% during the same period. As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . Why cities should be fully recognized stakeholders within the UN system, This Architect Says Sustainable Timber Could Be The Future Of Our Cities, 3 solutions helping net-zero aviation take off, is affecting economies, industries and global issues, with our crowdsourced digital platform to deliver impact at scale. As a Premium user you get access to background information and details about the release of this statistic. 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 . how much more are you willing to pay compared to regular goods) when purchasing the following categories? While companies are increasingly using environmental claims to appeal to consumers, they also attract greater scrutiny. We examined over 36 categories and more than 71,000 SKUs, which accounted for 40% of CPG dollar sales over the five-year period. Access to this and all other statistics on 80,000 topics from, Show sources information not how pretty the blush is. Its about exploring your trustworthy methods of communication, then selecting one that aligns with your objectives.. Are consumers really willing to pay more for sustainable products? The hierarchy among drivers of consumer loyalty and brand performance is changing, says Farraj. Design www.simon-kucher.com, Internet Explorer presents a security risk. 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. lire aussi : Defending and preserving our planet is not only the right thing to do, its good business. In a free market economy, it is very difficult to force people to pay more for products. Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. And its no longer just wealthy suburbanites in major markets willing to open their wallets for sustainable offerings. This behaviour isn't just limited to the wealthy in big economies. 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. 315-409-9435 Among millennials,. Checking labels before buying. In 2013, India banned all animal testing, then banned even the import of beauty products that engage in animal testing. 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). 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. Call me a geek, but I do love a good research report! Companies that are able to navigate the business of sustainability will be best positioned for future success.. michele@greenprintcorp.com 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. 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. In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. More than half (56%) of Americans would use a credit card that could calculate and offset the environmental footprint of products purchased. Please do not hesitate to contact me. They found that: 61% of consumers would be willing to pay more for eco-friendly DIY products. 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. So when it comes to purchasing, they are doing their homework. The Global Sustainability Study 2021 survey was conducted in July 2021 by Simon-Kucher & Partners, fielding through panel data provided by Dynata, an independent market research agency. The views expressed in this article are those of the author alone and not the World Economic Forum. 470-788-0718 Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. Reports such as Nielsen Insights suggest the majority (73%) of consumers would change their consumption habits to reduce their impact on the environment, and almost half (46%) would switch to environmentally friendly products. Voir les partenaires de TheConversation France. That across the board, consumers are willing to pay extra for one thing: sustainability. 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 . Get full access to all features within our Business Solutions. GreenPrint is a global environmental technology company, offering sustainability as a service with patent-protected programs that deliver environmental impact and bottom-line results. Nudge theory is used to understand how people think, make decisions and behave. statistic alerts) please log in with your personal account. Younger shoppers are the most willing to. 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. By almost any measure, Millennials place a premium on corporate social responsibility (CSR) efforts. For example, the climatop label certifies products that generate significantly less greenhouse gas than comparable products. 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. In more than 90% of the CPG categories, sustainability-marketed products grew faster than their conventional counterparts. All Rights Reserved. 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 the US, this number is just over the global average at 61 percent. 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. 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. Companies across industries have . That said, some of those categories saw high growth in sustainability-marketed products sanitary napkins and laundry care were among the highest, at 150%. This statistic displays the share of consumers willing to pay extra for sustainable products in the Netherlands from 2014 to 2020. For years, researchers have examined climate-oriented consumption to see if it wins peoples support. 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. The report, "Doing Well by Doing Good," found that most consumers are willing to pay more money for good and services that are sustainable. 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. Consumersparticularly Millennialsincreasingly say they want brands that embrace purpose and sustainability. I'm willing to pay significantly more to support quality products and human rights, and put my money where my mouth is when it comes to creatingthe world in which I want to live. And a report published in May by The Toy Association and Prodigyworks notes that millennial parents want the toys and. Others are working for or supporting organizations dedicated to social and environmental change. A new study, looking at the sales from 2013 to 2018 of products marketed as sustainable, finds the conventional wisdom isnt true. But the results should be interpreted cautiously. 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. Businesses that under-appreciate the need for CSR do so at their peril. "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. But nearly 60% are unwilling to pay more money for that eco-friendly product. Michele Koch While the demand for such products remains low, the price remains high. 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 . lire aussi : We help our clients achieve growth and profit targets by applying practical, evidence-based strategies. 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. Products and services that are offered from socially responsible companies may be able to charge more, according to a report by Nielsen. For additional market-level insights, read or Unpacking the Sustainability Landscape report. You can unsubscribe at any time using the link in our emails. As consumers become increasingly aware of what they put in and on their bodies, theyre also interested in buyingand sometimes paying morefor products that simultaneously help the environment. In a study of 30,000 consumers across 60 countries, Nielsen found that nearly 2/3 of consumers globally are willing to pay more for sustainable goods and that is on the rise. 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 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. For further information please contact: But research continues to show few consumers who report positive attitudes toward eco-friendly products actually follow through with their wallets. This statistic reveals a significant shift in consumer behavior and highlights the importance of sustainability in marketing to this eco-conscious generation. Companies should be aware that consumers are increasingly voting with their dollars against unsustainable brands. Indeed, one recent report revealed that certain categories of products with . 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). While the survey respondents were answering questions . Studies show that people are geared towards using sustainable products more than others. GreenPrint 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. What do these findings mean for corporate managers and investors? You need at least a Starter Account to use this feature. Most important,. 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. Get in touch with us now. IRIs data comes from bar scan codes at retail checkout in food, drug, dollar, and mass merchandisers. 2015 Nielsen Global Corporate Sustainability Report, 2015 Cone Communications Millennial CSR Study. .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. 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. Some of the necessary transformation can be accomplished by reinventing legacy products, as Unilever has shown with its sustainable living brands, now delivering 70% of its turnover growth. it is biodegradable (65%) or made from recycled packaging (60%), when it comes to making a purchase, consumers value durability . 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. Instead, we focused on whether the marketing of a product as sustainable would drive purchases. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Ultimately, the research that evaluates consumers willingness to pay more for green products has been mixed. "Share of Consumers Who Were Willing to Pay More for Sustainable Goods in China as of November 2022, by Category. 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. Climate-friendly defines products that reduce damage specifically to the climate. , sustainability-marketed products grew faster than their conventional counterparts while gas stations and convenience rank! Understand how people think, make decisions and behave read or Unpacking the Landscape... Codes at retail checkout in food, drug, dollar, and merchandisers! Much more are you willing to pay more for sustainable offerings up from 50 % in 2014 willing pay... Call me a geek, but not all intentions are carried out our,... Security risk energy-efficient options as price lowers, our willingness and ability to buy item. % during the same period, India banned all animal testing, then are! 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