Create a free account and access your personalized content collection with our latest publications and analyses. The survey also showed that consumers in Southeast Asia are the most willing . She's vocal about the fact that it costs a lot more than shirts from a company like H&M specifically because she only uses sustainable goods and ethical practices when it comes to the workers. 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. 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 page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. 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. But brands can nudge consumers towards more eco-friendly products. 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. A 2015 global survey by Nielsen found that 66 per cent of respondents were willing to pay more for sustainable goods. So it appears that some categories that are behind in sustainability-marketed product share are making up for lost time. The relative importance of sustainability during the purchase process will continue to increase. A new report reveals all. Conveying CSR efforts to Millennials requires authenticity, and a unique approach as Millennials grew up with the Internet and want their voices heard. When it comes to purchase behavior, its become abundantly clear that consumers care. It can be done. For years, researchers have examined climate-oriented consumption to see if it actually wins consumer support. 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 accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. 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. Good Environmental Choice Australia is a similar organisation. While the demand for such products remains low, the price remains high. But research continues to show few consumers who report positive attitudes toward eco-friendly products actually follow through with their wallets. We also reviewed which categories had the largest share of sustainability-marketed products. Nielsen 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. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. CSR can build brand loyalty, raise awareness, and strengthen reputations, or it can have the opposite effect. Studies show eco-friendly logos and labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly offerings. Brands can bring their CSR efforts to life through authentic storytelling. 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. Voir les partenaires de TheConversation France. But in a increasingly interconnected world, it's starting to be normal to think critically about where things come from and whether the company you're supporting is a responsible corporate citizen. To trust a company statement, 45% of Americans say they need a third-party validating source. Our analysis looked at products on-pack communication about their sustainability. According to a 2020 report by First Insight , 73% of Gen Z consumers surveyed were willing to pay more for sustainable products, more . 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%. A willingness to pay more for "sustainable" products. Nielsen combines sustainability into free-from, clean, simple, sustainable and . Millennials represent the consumer market of the future, and it behooves corporations to read the tea leaves. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. Please create an employee account to be able to mark statistics as favorites. Meanwhile, fish and seafood dollars and units rose 8.7% and 2.7%, respectively, from 2017 to 2019, outpacing the growth of other proteins, including legumes, nuts and seeds. A balanced approach is key for brand communicators, with the emphasis on demonstrating good deeds versus self-serving promotion.. In a free market economy, it is very difficult to force people to pay more for products. Commitment to social and environmental responsibility is surpassing some of the more traditional influences for many consumers. Profit from the additional features of your individual account. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. This conventional wisdom has been used by many brands as justification for not making their products more sustainable. Are you interested in testing our business solutions? New York-based Nielsen forecasts the market to reach somewhere between $142.4 billion and $150.1 billion by 2021. 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. Surface Studio vs iMac - Which Should You Pick? And its no longer just wealthy suburbanites in major markets willing to open their wallets for sustainable offerings. ", Deloitte, Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category Statista, https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/ (last visited March 02, 2023), Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph], Deloitte, January 18, 2023. 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. 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. As companies look to break into new markets, they must understand that each market demands its own approach. Already in 2015, a Nielsen report found that 73 percent of the Millennial generation was willing to pay more for sustainable goods. Accessed March 02, 2023. https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/, Deloitte. 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). Queensland University of Technology apporte un financement en tant que membre adhrent de TheConversation AU. The future for CPG, and increasingly for other categories such as apparel, is sustainable. In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. Businesses that under-appreciate the need for CSR do so at their peril. Get full access to all features within our Business Solutions. Even toys can get the climate-friendly treatment. Complete study findings are available upon request, including country splits. Sixty-six percent of consumers say they are willing to pay more for sustainable brandsup from 55% in 2014 and 50% in 2013. "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. Nature is worth $44 trillion to the global economy, according to a recent World Economic Forum estimate. 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 offeringsalmost three-out-of-four respondents (73%) in the latest findings, up from approximately half in 2014. 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. e-mail: rachel.pope@simon-kucher.com 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. 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. 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. 2023 Nielsen Consumer LLC. Use Ask Statista Research Service, among residents in China's tier-1 to tier-5 cities. Businesses must adapt to the times as consumers . This desire for sustainable products among Gen Z is robust. Are consumers really willing to pay more for sustainable products? 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 a study of more than 21,000 US households, Nielsen analyzed consumers' attitudes towards various sustainable attributes across 13 product categories. This likely depressed the growth numbers, as many brands have become more sustainable over time. Younger shoppers are the most willing to. 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%. Learn more about how Statista can support your business. In 1989, 67% of American consumers stated that they were willing to pay 5 - 10% more for sustainable products. A majority (55%) of consumers are willing to spend extra money in order to purchase environmentally friendly products, though at differing amounts. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. 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). If you have a question youd like an expert to answer, please send it to climate.change@stuff.co.nz. This creates both future challenges and opportunities for all companies as the world becomes more 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. Here, sales of natural shower gel sales skyrocketed upward 80% during the same period. For example, the climatop label certifies products that generate significantly less greenhouse gas than comparable products. Its hard to ignore the siren call to protect the planet. Corporate leadership should no longer give brand managers a pass when they claim that there is no demand for sustainable products. From there, it becomes more specific and fragmented. , Feb 8, 2023. For instance, while the overall shampoo category saw declines of 3.4% over a year long period ending April 2018, natural shampoos, which own 11.2% of the value share, are steadily growing at 2.2%. Simon-Kucher & Partners is regarded as the worlds leading pricing advisor and thought leader. For further information please contact: I dream of a world in which all factory farms are destroyed. Prosek Partners 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. 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). To ensure the most secure and best overall experience on our website, we recommend the latest versions of. GreenPrint is a global environmental technology company, offering sustainability as a service with patent-protected programs that deliver environmental impact and bottom-line results. 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. I don't dream of a world with 99 cent hamburgers available at any roadside fast food place. 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 . 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. 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. 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. 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. The Nielsen Global Survey on Corporate Social Responsibility polled more than 29,000 Internet respondents in 58 countries. Others are working for or supporting organizations dedicated to social and environmental change. Zach Harris You can only download this statistic as a Premium user. 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. 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. how much more are you willing to pay compared to regular goods) when purchasing the following categories? www.simon-kucher.com, Internet Explorer presents a security risk. 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. To use individual functions (e.g., mark statistics as favourites, set And according to Nielsen, I'm not alone in that. 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. The Generational Gap: Younger consumers are more actively taking steps towards being more sustainable. What is the Green List and how can it help protect the worlds natural wonders? 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. 76% of Americans would switch their preferred packaged goods brand if they were offsetting carbon emissions. The carbon footprints of the certified products are based on international standards (ISO 14040) and verified by an independent expert. Professor of Marketing and Consumer Behaviour, Queensland University of Technology. More than half (56%) of Americans would use a credit card that could calculate and offset the environmental footprint of products purchased. As soon as this statistic is updated, you will immediately be notified via e-mail. As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . The hierarchy among drivers of consumer loyalty and brand performance is changing, says Farraj. 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. Call me a geek, but I do love a good research report! As a result, e-commerce businesses that prioritize environmentally-friendly practices will likely see a competitive advantage. And as social media channels continue to burgeon, the voice of younger generations will only increase the demand for 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 . Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. 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. A survey by Nielsen found that 66% of consumers are willing to pay more for sustainable products. Those that had no such commitment grew less than 1%. First Annual Business of Sustainability Index Shows Need for Independent Validation to Overcome Lack of Trust in Environmental Claims. We help our clients achieve growth and profit targets by applying practical, evidence-based strategies. 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. Original survey question: How much of a premium are you willing to pay for green consumption (i.e. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. For this reason, the demand for sustainable foods is growing in the market. 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). And investors should support companies in making the investments needed for the pivot. In fact, an analysis of retail sales data indicated that natural products were seeing growth in otherwise declining categories. Consumers are willing to pay more for greener products and want producers to provide better climate-related on-label packaging. Brands that establish a reputation for social responsibility and environmental stewardship among todays youngest consumers have an opportunity to not only grow market share but build loyalty among the power-spending Millennials of tomorrow, too, says Farraj. 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%. : (617) 231-4551 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. (1) Background: The pressure that agricultural systems' intensive management exerts on the environment concerns society. Statista. 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. In 2018, that number had risen to about 85% . 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. Percentage points exceeding 100 percent are probably due to rounding. Social responsibility is a critical part of proactive reputation management. 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. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, How much do we really care about nature? 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. 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.. 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. All Rights Reserved. In the US, this number is just over the global average at 61 percent. 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. Gary Mortimer ne travaille pas, ne conseille pas, ne possde pas de parts, ne reoit pas de fonds d'une organisation qui pourrait tirer profit de cet article, et n'a dclar aucune autre affiliation que son organisme de recherche. 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