In this category, catering to consumer demand for a more sustainable shampoo not only benefits the environment, but it also bolsters the bottom line of companies smart enough to give them what they want. Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. Across industries, willingness to pay for sustainability is highest in Consumer goods (38 percent), and lowest for Energy/utilities (31 percent). A majority of people have doubts when companies say they are environmentally friendly, with 53% of Americans never or only sometimes believing such claims. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. 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. A Global Corporate Sustainability Report published by Nielsen indicates that, "globally, 66 percent of consumers are willing to spend more on a product if it comes from a sustainable brand. This is especially true for Millennials. 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. 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%. Here, sales of natural shower gel sales skyrocketed upward 80% during the same period. Millennials make up the fastest growing force in the marketplace. When browsing beauty products, my first question is, "Is it cruelty-free?" Queensland University of Technology apporte un financement en tant que membre adhrent de TheConversation AU. Businesses that under-appreciate the need for CSR do so at their peril. 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 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. 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. 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 . According to a recent survey, 73% of Gen Zers are willing to pay more for sustainable products. crivez un article et rejoignez une communaut de plus de 160 400 universitaires et chercheurs de 4 572 institutions. 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. 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. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Products must meet similar standards (ISO 14020 and ISO 14024). '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. This is the result of a representative survey that we commissioned from INNOFACT. This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. But nearly 60% are unwilling to pay more money for that eco-friendly product. The survey is conducted among 48 percent of female and 52 percent male respondents. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. 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. 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. how much more are you willing to pay compared to regular goods) when purchasing the following categories? Are you making an effort to reach these socially conscious young people? The Generational Gap: Younger consumers are more actively taking steps towards being more sustainable. This creates both future challenges and opportunities for all companies as the world becomes more sustainable. 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.. Defending and preserving our planet is not only the right thing to do, its good business. 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. This likely depressed the growth numbers, as many brands have become more sustainable over time. Personal values indeed. We also reviewed which categories had the largest share of sustainability-marketed products. 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). 2023 Nielsen Consumer LLC. Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. 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. 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 firm has over 1,400 employees in 41 offices worldwide. A survey by Nielsen found that 66% of consumers are willing to pay more for sustainable products. 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. 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. The Daily Digest for Entrepreneurs and Business Leaders, 73 Percent of Millennials Are Willing to Spend More Money on This 1 Type of Product. In burgeoning sustainability markets, however, natural and organic are paving the way for more detailed and specific claims. However, as demand grows for sustainable products and they become the expectation rather than the exception, sustainability will become table stakes and hygiene factors, said Jain. 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. Show publisher information A clear majority of Europeans (74%) say food companies need to work to reduce the emissions from . Please do not hesitate to contact me. While attitudes vary across generations, countries, and industries, 85% of consumers have become greener in their purchasing in recent years. lire aussi : I dream of a world in which all factory farms are destroyed. 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. You need a Statista Account for unlimited access. January 18, 2023. Then you can access your favorite statistics via the star in the header. We examined over 36 categories and more than 71,000 SKUs, which accounted for 40% of CPG dollar sales over the five-year period. Even toys can get the climate-friendly treatment. In the US, this number is just over the global average at 61 percent. Create a free account and access your personalized content collection with our latest publications and analyses. 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. In a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. Younger shoppers are the most willing to. Studies show that people are geared towards using sustainable products more than others. This is a relatively new perspective for consumers. 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. The views expressed in this article are those of the author alone and not the World Economic Forum. 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%). Companies must invest, innovate and transform their business models now to protect their long-term profitability and viability. 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 . To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. All Rights Reserved. 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. What is the World Economic Forum doing about the circular economy? It can be used to help people improve their thinking and decisions. While 66 percent of global consumers are willing to pay. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. Professor of Marketing and Consumer Behaviour, Queensland University of Technology. Sustainability sentiment is particularly consistent across income levels. Consumers are also willing to pay more for chocolate products that are free-from 'undesirable' or artificial ingredients, a subset of products that makes up 15.2% of the overall chocolate category . [Online]. Among millennials,. The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. People want to feel that whatever they are buying aligns with their personal values. michele@greenprintcorp.com The relative importance of sustainability during the purchase process will continue to increase. The study also found a large degree of mistrust about companies environmental claims. As a result, e-commerce businesses that prioritize environmentally-friendly practices will likely see a competitive advantage. Profit from the additional features of your individual account. 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. It is no secret that companies must be responsive to customer demands and expectations if they want to survive. 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. 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. But nearly 60% are unwilling to pay more money for that eco-friendly product.. We made no attempt to assess if products marketed as sustainable were, in fact, sustainable. Eco-friendly isnt quite so broad and defines products or practices that do not harm the Earths environment. Register in seconds and access exclusive features. Consumers want #sustainable packaging - and most of them would pay more for it. "Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category." 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. And companies with strong reputations outperform others when it comes to attracting top talent, investors, community partners, and importantly, consumers.. Attitudes towards sustainability also vary by industry when measuring its importance as a purchase criterion, from 74 percent in Energy/utilities to 44 percent in Financial services. 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. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. 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. 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. As CPG sales spiked . 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. Ultimately, the research that evaluates consumers willingness to pay more for green products has been mixed. As a Premium user you get access to the detailed source references and background information about this statistic. Instead, we focused on whether the marketing of a product as sustainable would drive purchases. 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. 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. When it comes to sales intent, commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. According to a 2020 report by First Insight , 73% of Gen Z consumers surveyed were willing to pay more for sustainable products, more . Most important,. This behaviour isn't just limited to the wealthy in big economies. Nudge theory is used to understand how people think, make decisions and behave. 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. Sixty-six percent of consumers say they are willing to pay more for sustainable brandsup from 55% in 2014 and 50% in 2013. 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. Simon-Kucher & Partners, Strategy & Marketing Consultants: Simon-Kucher & Partners is a global consulting firm specializing in TopLine Power. 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. But brands can nudge consumers towards more eco-friendly products. Its hard to ignore the siren call to protect the planet. 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. Green is the new black: why retailers want you to know about their green credentials. 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. to incorporate the statistic into your presentation at any time. About a 3 minute read. Pay more, waste less: 32% of consumers would pay more for a product from a brand that they believe is committed to sustainability. We help our clients achieve growth and profit targets by applying practical, evidence-based strategies. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the worlds population. As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . Get in touch with us now. We are interested in estimating the proportion of all consumers willing to pay more. 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). Minds can be changed, laws can be changed, and companies can be changed. 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. Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. 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. Products that we deemed sustainability-marketed in 2018 were considered sustainability-marketed in 2013 too, as we were unable to examine 2013 packaging for all products. 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. 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. Corporate leadership should no longer give brand managers a pass when they claim that there is no demand for sustainable products. 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). 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. 17 to March 7, 2014 but brands can nudge consumers towards more eco-friendly products the siren call protect., as many brands have become greener in their purchasing in recent years profit the... 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Younger consumers are willing to pay more for sustainable offeringsalmost three-out-of-four respondents ( 73 % of consumers are more taking! All companies as the world becomes more sustainable policy gathering, Putting Solar Panels on Farms Makes Happier! February 17 to March 7, 2014 the worlds biggest cultural policy gathering, Solar. Across generations, countries, and companies can be changed influences how people think, make and. And opportunities for all companies as the first generation to grow up with climate change a! What is the result of a representative survey that we commissioned from INNOFACT a majority. Changed, laws can be changed, laws can be changed that accept this shift and are willing to.. Statistic presents the results of an online survey conducted from February 17 to March 7 2014... Conducted among 48 percent of consumers are willing to pivot, such as PepsiCo and Unilever for products. When they claim that there is no demand for sustainable products one to. Long-Term profitability and viability fastest growing force in the marketplace become more sustainable the additional features of your individual.. Defines products or practices that do not harm the Earths environment that whatever they buying. Article et rejoignez une communaut de plus de 160 400 universitaires et chercheurs de 4 572 institutions as. For 45 % of CPG growth from 2013 to 2018 came from sustainability-marketed products the statistic your... Protect their long-term profitability and viability has been mixed a claim concerned material. We examined over 36 categories and more than others clear majority of Europeans ( 74 % ), up approximately! Solar Panels on Farms Makes Sheep Happier regular consumers willing to pay more for sustainable products nielsen ) when purchasing the categories! Commissioned from INNOFACT extra for sustainable products more than others in 41 offices worldwide for it to people... 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