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. Here, sales of natural shower gel sales skyrocketed upward 80% during the same period. From there, it becomes more specific and fragmented. Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. And companies with strong reputations outperform others when it comes to attracting top talent, investors, community partners, and importantly, consumers.. Even toys can get the climate-friendly treatment. Corporate leadership should no longer give brand managers a pass when they claim that there is no demand for sustainable products. 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. According to Nielsen, 66% of all consumers are willing to pay more for sustainable brands. Carbon dioxide emissions in France 1970-2021, Share of e-commerce GHG emissions worldwide 2020, by source, Leading e-commerce delivery methods used in France 2021, Average product return rates among digital shoppers in Europe 2021. 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. By comparison, 51% of Boomers (ages 50-64) said that they would pay a premium for sustainable products. Millennials want to know what companies are doing to make the world a better place. Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. 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. 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. Chart. Please do not hesitate to contact me. While 66 percent of global consumers are willing to pay. Simon-Kucher & Partners, Strategy & Marketing Consultants: Simon-Kucher & Partners is a global consulting firm specializing in TopLine Power. how much more are you willing to pay compared to regular goods) when purchasing the following categories? This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. As US psychologist Icek Ajzen wrote: Actions, then, are controlled by intentions, but not all intentions are carried out . That said, some of those categories saw high growth in sustainability-marketed products sanitary napkins and laundry care were among the highest, at 150%. On the flip side, large global consumer-goods brands that ignore sustainability increase reputational and business risk. 2015 Nielsen Global Corporate Sustainability Report, 2015 Cone Communications Millennial CSR Study. Brands that actively reinforce societal commitment must amplify and socialize their message using multiple sources and distribution channels. When looking at food items like coffee, I want to know first that it's Fair Trade. This desire for sustainable products among Gen Z is robust. Weve been on this journey for a while, but the clock is ticking and failure to think through the implications could have long-term consequences for traditional firms., Across industries and countries, sustainability is a significant purchase criterion -- though price and quality continue to dominate. NYU Sterns Center for Sustainable Business just completed extensive research into U.S. consumers actual purchasing of consumer packaged goods (CPG), using data contributed by IRI, and found that 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. When it comes to purchase behavior, its become abundantly clear that consumers care. While the survey respondents were answering questions . Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. 9. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. Jun 27, 2014 The willingness to pay for sustainable products has increased universally since 2011. This conventional wisdom has been used by many brands as justification for not making their products more sustainable. 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. Our own 2019 report, " The State of Consumer Spending: Gen Z . 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. 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.. By almost any measure, Millennials place a premium on corporate social responsibility (CSR) efforts. This is especially true for Millennials. 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. 1901), Lexpertise universitaire, lexigence journalistique. Prosek Partners 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. Both are good tools for building trust. 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. . 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. 76% of Americans would switch their preferred packaged goods brand if they were offsetting carbon emissions. Conveying CSR efforts to Millennials requires authenticity, and a unique approach as Millennials grew up with the Internet and want their voices heard. But brands can nudge consumers towards more eco-friendly products. We used clothing brand Reformation as a case study of sorts and spoke with experts in consumer behavior and the fashion industry to better understand the sustainability movement, why consumers love it, and how more brands can do their part. BOSTON--(BUSINESS WIRE)--With COP26, the 2021 United Nations Climate Change Conference, just weeks away, a major study of more than 10,000 people across 17 countries shows that sustainability is becoming increasingly important in consumers purchasing decisions, especially as consumers see themselves, along with for profit companies, as the primary catalysts for change. There are several reasons for this. Broadcasting sustainability would capture an untapped consumer base but also sow distrust, said Pete Davis, CEO and Co-Founder of GreenPrint. Please create an employee account to be able to mark statistics as favorites. A weekly update of the most important issues driving the global agenda. According to the2015 Cone Communications Millennial CSR Study, More than nine-in-10 Millennials would switch brands to one associated with a cause (91% vs. 85% U.S. average), and two-thirds use social media to engage around CSR (66% vs. 53% U.S. average)., The study also finds that Millennials say they are prepared to make personal sacrifices to make an impact on issues they care about, whether thats paying more for a product (70 percent vs. 66 percent US average), sharing products rather than buying (66 percent vs. 56 percent) or taking a pay cut to work for a responsible company (62 percent vs. 56 percent).. zharris@prosek.com, Internet Explorer presents a security risk. 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. Nielsen reported in 2014 that half of young consumers were willing to pay more for sustainable products. Are you making an effort to reach these socially conscious young people? 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. 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. Comparing sectors, 78% of respondents said food/groceries are doing well in terms of demonstrating their commitment to environmentally friendliness. e-mail: rachel.pope@simon-kucher.com The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. GreenPrint Additionally, one third of Millennials will choose a sustainable alternative when available, whereas older generations are less likely to actively choose sustainable alternatives (24-29 percent). That across the board, consumers are willing to pay extra for one thing: sustainability. 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. 5 Ways to Connect Wireless Headphones to TV. In 2015, brands who showed a commitment to sustainability saw sales grow more than 4% globally. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. Saving biodiversity: why our mental and physical health depends on it. 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. Rachel Pope It can be used to help people improve their thinking and decisions. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. Ultimately, the research that evaluates consumers willingness to pay more for green products has been mixed. For this group, personal values are more important than personal benefits, such as cost or convenience. More demand would mean more production and lower unit price costs. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. According to the findings, 78% of people are more likely to purchase a product that is clearly labeled as environmentally friendly. IRIs data comes from bar scan codes at retail checkout in food, drug, dollar, and mass merchandisers. 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. In more than 90% of consumer packaged goods categories, sustainability-marketed products grew faster than their conventional counterparts. Its hard to ignore the siren call to protect the planet. 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. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. Construction/home (66 percent), Consumer goods (63 percent), Travel and tourism (62 percent) and Automotive (61 percent) range in between. 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%. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. Nielsen combines sustainability into free-from, clean, simple, sustainable and . All rights reserved. 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. lire aussi : We help our clients achieve growth and profit targets by applying practical, evidence-based strategies. Nearly three . 'Global consumer-goods' brands that ignore sustainability increase reputational and business risk' Nielsen's research also found that 66 percent of consumers were willing to pay more for sustainable goods in comparison to 50 percent in 2013. 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 . Checking labels before buying. 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 . Products must meet similar standards (ISO 14020 and ISO 14024). As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . The carbon footprints of the certified products are based on international standards (ISO 14040) and verified by an independent expert. Third-party validation helps certify progress in the eyes of consumers, and the process of carbon offsetting which is easy to measure and communicate helps create tangible benchmarks. 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. To use individual functions (e.g., mark statistics as favourites, set 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. Consumers are willing to pay more for greener products and want producers to provide better climate-related on-label packaging. Zach Harris Most important,. Consumers are voting with their dollars against unsustainable brands. 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. 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%. Social responsibility is a critical part of proactive reputation management. It can be done. 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. Professor of Marketing and Consumer Behaviour, Queensland University of Technology. Academic research has consistently identified this gap between purchase intentions and behaviours. A new study, looking at the sales from 2013 to 2018 of products marketed as sustainable, finds the conventional wisdom isnt true. Environmental Choice New Zealand is the official environmental label body that awards certificates and lists environmentally friendly products for green homes or businesses. Consumersparticularly Millennialsincreasingly say they want brands that embrace purpose and sustainability. 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. This sum will continue to grow exponentially as more Millennials reach peak buying power. More than half of Europeans (51%) said they are willing to pay more for climate friendly food. tel. A 2015 global survey by Nielsen found that 66 per cent of respondents were willing to pay more for sustainable goods. And the percentage of respondents under 20 - known as Gen Z - willing to pay more grew from 55% last year to 72% this year. "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. Says Gstalder: While marketing good deeds is encouraged and expected by consumers, authenticity and credibility are essential. 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. While the demand for such products remains low, the price remains high. For more information, visit www.nielsen.com. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. 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. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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. 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. Across industries, willingness to pay for sustainability is highest in Consumer goods (38 percent), and lowest for Energy/utilities (31 percent). lire aussi : 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. Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. Companies across industries have . In 2015, Nielsen polled 30,000 consumers in 60 countries around the world. Companies must invest, innovate and transform their business models now to protect their long-term profitability and viability. For further information please contact: You need a Statista Account for unlimited access. 2023 Nielsen Consumer LLC. But nearly 60% are unwilling to pay more money for that eco-friendly product. Then you can access your favorite statistics via the star in the header. Most important, products marketed as sustainable grew 5.6 times faster than those that were not. 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. 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. not how pretty the blush is. I recently spent $38 on a t-shirt from abrand I would trust with my life: Janne Robinson. The future for CPG, and increasingly for other categories such as apparel, is sustainable. 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. Minds can be changed, laws can be changed, and companies can be changed. And a report published in May by The Toy Association and Prodigyworks notes that millennial parents want the toys and. Simon-Kucher & Partners is regarded as the worlds leading pricing advisor and thought leader. (January 18, 2023). For more details, review our .chakra .wef-12jlgmc{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;font-weight:700;}.chakra .wef-12jlgmc:hover,.chakra .wef-12jlgmc[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-12jlgmc:focus,.chakra .wef-12jlgmc[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);}privacy policy. Show publisher information 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. That category become abundantly clear that consumers care Nielsen global corporate sustainability report, & quot ; the of... Of respondents were willing to pay more for climate friendly consumers willing to pay more for sustainable products nielsen lower unit costs... 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