On the flip side, large global consumer-goods brands that ignore sustainability increase reputational and business risk. Design The hierarchy among drivers of consumer loyalty and brand performance is changing, says Farraj. 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. 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. Millennials represent the consumer market of the future, and it behooves corporations to read the tea leaves. They are willing to rethink their buying habits to incorporate environmental and social product benefits into their buying decisions. Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph]. 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. The study surveyed 10,281 consumers across 17 countries: USA (N=1,062), Germany (N=1,022), Denmark (N=771), Sweden (N=757), Brazil (N=539), China (N=516), Japan (N=516), Spain (N=515), Switzerland (N=514), UK (N=513), Australia (N=510), Austria (N=510), France (N=510), the Netherlands (N=510), Norway (N=506), Italy (N=506), UAE (N=504), including representative quotas set for age, gender, living area, education level, employment status & income level. The rise in the percentage of respondents under 20, also known as Generation Z, who are willing to pay more was equally strongfrom 55% of total respondents in 2014 to 72% in 2015. Traditional advertising will not work with Millennials. But nearly 60% are unwilling to pay more money for that eco-friendly product. Please create an employee account to be able to mark statistics as favorites. 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. 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. Broadcasting sustainability would capture an untapped consumer base but also sow distrust, said Pete Davis, CEO and Co-Founder of GreenPrint. Tech is close behind at 74%, while gas stations and convenience stores rank lower at 51% and 54% respectively. For years, brand managers have groused that consumers say they intend to buy sustainable products but dont actually buy them. 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. to incorporate the statistic into your presentation at any time. 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. Consumers' demand for sustainable products is increasing. Mr. Davis said of the survey: Companies must build trust and loyalty by clearly demonstrating that they share environmental goals with their customers. Studies show eco-friendly logos and labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly offerings. So while not all consumers will pay more for green climate-friendly products despite the best of intentions, we can slowly nudge them to make better choices for the planet. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. It is no secret that companies must be responsive to customer demands and expectations if they want to survive. lire aussi : The study also found a large degree of mistrust about companies environmental claims. Defending and preserving our planet is not only the right thing to do, its good business. Zach Harris Seventh Generation, Sundial Brands, and Pukka Herbs. There are several reasons for this. But nearly 60% are unwilling to pay more money for that eco-friendly product.. And as social media channels continue to burgeon, the voice of younger generations will only increase the demand for sustainability. The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. Mr Harrison says, however, that customers are becoming more canny. 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.. Simon-Kucher & Partners, Strategy & Marketing Consultants: Simon-Kucher & Partners is a global consulting firm specializing in TopLine Power. A new study, looking at the sales from 2013 to 2018 of products marketed as sustainable, finds the conventional wisdom isnt true. Minds can be changed, laws can be changed, and companies can be changed. Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. Millennials already played a significant . 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. 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. 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. 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. When it comes to purchase behavior, its become abundantly clear that consumers care. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. . Or to remain unmoved by those facing increasingly poor living conditions across the globe. 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. Small brands in this space are also attracting the bigger players attention Unilever has purchased brands with loyal followings such as Seventh Generation, Sundial Brands, and Pukka Herbs. A new report reveals all. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. Consumer-goods brands that fail to take this into account will likely fall behind.. Pay more, waste less: 32% of consumers would pay more for a product from a brand that they believe is committed to sustainability. In more than 90% of consumer packaged goods categories, sustainability-marketed products grew faster than their conventional counterparts. 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. 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. And its no longer just wealthy suburbanites in major markets willing to open their wallets for sustainable offerings. I recently spent $38 on a t-shirt from abrand I would trust with my life: Janne Robinson. Says Gstalder: While marketing good deeds is encouraged and expected by consumers, authenticity and credibility are essential. And according to Nielsen, I'm not alone in that. But the results should be interpreted cautiously. Commitment to either social value or the consumers community are also important (each influencing 43% and 41% of respondents, respectively). 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. 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). Chart. 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. Create a free account and access your personalized content collection with our latest publications and analyses. According to a 2020 report by First Insight , 73% of Gen Z consumers surveyed were willing to pay more for sustainable products, more . Nearly three . While attitudes vary across generations, countries, and industries, 85% of consumers have become greener in their purchasing in recent years. What is the World Economic Forum doing about the circular economy? 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. They found that: 61% of consumers would be willing to pay more for eco-friendly DIY products. Companies must invest, innovate and transform their business models now to protect their long-term profitability and viability. 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. As a Premium user you get access to the detailed source references and background information about this statistic. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. By comparison, 51% of Boomers (ages 50-64) said that they would pay a premium for sustainable products. Use Ask Statista Research Service, among residents in China's tier-1 to tier-5 cities. .chakra .wef-10kdnp0{margin-top:16px;margin-bottom:16px;line-height:1.388;}What is the World Economic Forum doing about the circular economy? lire aussi : 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. Nielsen how much more are you willing to pay compared to regular goods) when purchasing the following categories? All Rights Reserved. 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. In 2013, India banned all animal testing, then banned even the import of beauty products that engage in animal testing. And companies with strong reputations outperform others when it comes to attracting top talent, investors, community partners, and importantly, consumers.. But research continues to show few consumers who report positive attitudes toward eco-friendly products actually follow through with their wallets. Feb 28, 2023. Companies should be aware that consumers are increasingly voting with their dollars against unsustainable brands. 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 didn't even A majority (55%) of consumers are willing to spend extra money in order to purchase environmentally friendly products, though at differing amounts. Commitment to social and environmental responsibility is surpassing some of the more traditional influences for many consumers. Most important, products marketed as sustainable grew 5.6 times faster than those that were not. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. This is the result of a representative survey that we commissioned from INNOFACT. 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. Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. IRIs data comes from bar scan codes at retail checkout in food, drug, dollar, and mass merchandisers. 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%. Sustainability sentiment is particularly consistent across income levels. Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. Millennials want to know what companies are doing to make the world a better place. 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. Get the full study Join Your Peers By 2021, consumers are expected to spend $150 billion on sustainable goods. Rudominers lifelong passion is using communication to foster social change. 315-409-9435 You need a Statista Account for unlimited access. Nielsen combines sustainability into free-from, clean, simple, sustainable and . Academic research has consistently identified this gap between purchase intentions and behaviours. 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. For example, the climatop label certifies products that generate significantly less greenhouse gas than comparable products. Prosek Partners You need at least a Starter Account to use this feature. New York-based Nielsen forecasts the market to reach somewhere between $142.4 billion and $150.1 billion by 2021. Its hard to ignore the siren call to protect the planet. Access to this and all other statistics on 80,000 topics from, Show sources information So when it comes to purchasing, they are doing their homework. This is especially true for Millennials. You can unsubscribe at any time using the link in our emails. 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. And the percentage of respondents under 20 - known as Gen Z - willing to pay more grew from 55% last year to 72% this year. 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. 76% of Americans would switch their preferred packaged goods brand if they were offsetting carbon emissions. [Online]. Companies across industries have . More than half of Europeans (51%) said they are willing to pay more for climate friendly food. Companies have used this conventional wisdom as justification for not making their products more sustainable. 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. We made no attempt to assess if products marketed as sustainable were, in fact, sustainable. That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". not how pretty the blush is. 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 is especially true for Millennials. And investors should support companies in making the investments needed for the pivot. 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. Brands that actively reinforce societal commitment must amplify and socialize their message using multiple sources and distribution channels. They accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. Topping the list of sustainability factors that influence purchasing for nearly two-of-three (62%) consumers globally: brand trust. 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. 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. Millennials gave an even more impressive showing, with 73 percent indicating a similar preference." Image:Caleb Jones/Unsplash. In, Deloitte. 2015 Nielsen Global Corporate Sustainability Report, 2015 Cone Communications Millennial CSR Study. 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. 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. This desire for sustainable products among Gen Z is robust. 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. Our own 2019 report, " The State of Consumer Spending: Gen Z . Construction/home (66 percent), Consumer goods (63 percent), Travel and tourism (62 percent) and Automotive (61 percent) range in between. 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. Question: Socially conscious Consumers In March 2015, a Nielsen global online survey "found that consumers are increasingly willing to pay more for socially responsible products. Simon-Kucher & Partners is regarded as the worlds leading pricing advisor and thought leader. 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 do these findings mean for corporate managers and investors? Original survey question: How much of a premium are you willing to pay for green consumption (i.e. For years, researchers have examined climate-oriented consumption to see if it wins peoples support. Others are working for or supporting organizations dedicated to social and environmental change. Many sustainable trends in new markets start with beauty and personal care. Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. Nature is worth $44 trillion to the global economy, according to a recent World Economic Forum estimate. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. Nielsen reported in 2014 that half of young consumers were willing to pay more for sustainable products. 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 bottom line is that the corporate world cannot ignore the demands and expectations of Millennials, who are devout in their desire to associate with companies aligned with their values. In 2018, that number had risen to about 85% . 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. 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 creates both future challenges and opportunities for all companies as the world becomes more sustainable. statistic alerts) please log in with your personal account. The survey is conducted among 48 percent of female and 52 percent male respondents. Even toys can get the climate-friendly treatment. An international study of 20,000 customers by grocery brand giant Unilever identified one in three (33%) people were choosing to buy from brands they believe are doing environmental good. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. For more information, visit www.nielsen.com. To ensure consistent and accurate representation of the U.S. general population 18 years of age and older, data was weighted by the following variables: sex, age, geographic region, race/ethnicity, and education. Consumers are willing to pay more for greener products and want producers to provide better climate-related on-label packaging. For this group, personal values are more important than personal benefits, such as cost or convenience. Checking labels before buying. People want to feel that whatever they are buying aligns with their personal values. Businesses that under-appreciate the need for CSR do so at their peril. From there, it becomes more specific and fragmented. 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 . Brands can bring their CSR efforts to life through authentic storytelling. 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. Good Environmental Choice Australia is a similar organisation. Green is the new black: why retailers want you to know about their green credentials. Companies that are able to navigate the business of sustainability will be best positioned for future success.. 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. The Global Sustainability Study 2021*, conducted by global strategy and pricing consultancy Simon-Kucher & Partners, reveals significant global paradigm shifts in how consumers view sustainability and the associated generational differences in willingness to pay for sustainable products and services. michele@greenprintcorp.com 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%. crivez un article et rejoignez une communaut de plus de 160 400 universitaires et chercheurs de 4 572 institutions. 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. Millennials make up the fastest growing force in the marketplace. 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. 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). 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%. 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. About a 3 minute read. Consumers want #sustainable packaging - and most of them would pay more for it. 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. Our analysis looked at products on-pack communication about their sustainability. When browsing beauty products, my first question is, "Is it cruelty-free?" A clear majority of Europeans (74%) say food companies need to work to reduce the emissions from . 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. 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). Need to work to reduce the emissions from even the import of products... A Statista account for an estimated $ 1 trillionof U.S. current consumer spending logos and can... Csr study must be responsive to customer demands and expectations if they to... Should support companies in making the investments needed for the pivot the World Economic Forum doing about environment! Plus de 160 400 universitaires et chercheurs de 4 572 institutions 48 percent of female and 52 male! 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