You can only download this statistic as a Premium user. Nature is worth $44 trillion to the global economy, according to a recent World Economic Forum estimate. 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. Design 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). Get the full study Join Your Peers 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. People want to feel that whatever they are buying aligns with their personal values. Are you interested in testing our business solutions? 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. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. Are consumers willing to pay more for these? The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). A majority (55%) of consumers are willing to spend extra money in order to purchase environmentally friendly products, though at differing amounts. But research continues to show few consumers who report positive attitudes toward eco-friendly products actually follow through with their wallets. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the worlds population. By 2021, consumers are expected to spend $150 billion on sustainable goods. This shows that sustainability has been on consumers' minds for quite. What do these findings mean for corporate managers and investors? On a global scale, the percentage of consumers willing to pay a premium for. We examined over 36 categories and more than 71,000 SKUs, which accounted for 40% of CPG dollar sales over the five-year period. 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. 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. 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. In terms of how much, Gen. Z (32 percent premium) and Millennials (31 percent premium) are willing to pay more than twice as big a premium as Baby Boomers (14 percent premium) and a third more relative to Gen. X (21 percent premium). 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. Topping the list of sustainability factors that influence purchasing for nearly two-of-three (62%) consumers globally: brand trust. You need at least a Starter Account to use this feature. Feb 28, 2023. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. I can attest to the fact that sustainability isn't just something I "sorta kinda" consider--it's one of the primary reasons I either buy or don't buy from consumer brands. .chakra .wef-10kdnp0{margin-top:16px;margin-bottom:16px;line-height:1.388;}What is the World Economic Forum doing about the circular economy? That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". lire aussi : In China, 41% of consumers say that they want eco-friendly products. Studies show eco-friendly logos and labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly offerings. They accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. A new report reveals all. Consumer brands that havent embraced sustainability are at risk on many fronts, says Gstalder. As companies look to break into new markets, they must understand that each market demands its own approach. Reports, such as Nielsen Insights , suggest the majority (73 percent) of people would change their consumption habits to reduce their impact on the environment, and almost half . The Global Sustainability Study 2021 survey was conducted in July 2021 by Simon-Kucher & Partners, fielding through panel data provided by Dynata, an independent market research agency. .chakra .wef-facbof{display:inline;}@media screen and (min-width:56.5rem){.chakra .wef-facbof{display:block;}}You can unsubscribe at any time using the link in our emails. 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. As a result, many consumers have adopted more sustainable behaviors. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. not how pretty the blush is. Eco-friendly isnt quite so broad and defines products or practices that do not harm the Earths environment. 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 could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. Products must meet similar standards (ISO 14020 and ISO 14024). 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. 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%. Green is the new black: why retailers want you to know about their green credentials. In more than 90% of consumer packaged goods categories, sustainability-marketed products grew faster than their conventional counterparts. Companies should be aware that consumers are increasingly voting with their dollars against unsustainable brands. 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. About a 3 minute read. For additional market-level insights, read or Unpacking the Sustainability Landscape report. Companies must act now to avoid obsolescence in the future. Queensland University of Technology apporte un financement en tant que membre adhrent de TheConversation AU. Companies must invest, innovate and transform their business models now to protect their long-term profitability and viability. All these terms are used in labelling to make us feel good if we buy products claimed to minimise harm to the planet and the environment. 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. Deloitte. 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. Sustainability is a worldwide concern that continues to gain momentumespecially in countries where growing populations are putting additional stress on the environment, says Grace Farraj, senior vice president, Public Development & Sustainability, Nielsen. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Consumers are willing to pay more for greener products and want producers to provide better climate-related on-label packaging. Jun 27, 2014 The willingness to pay for sustainable products has increased universally since 2011. 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 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. Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. A paid subscription is required for full access. When it comes to sales intent, commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. More than half (56%) of Americans would use a credit card that could calculate and offset the environmental footprint of products purchased. Nielsen's 2014 Global Survey on Corporate Social Responsibility, released Tuesday, shows that 55 percent of global online consumers across 60 countries are willing to pay more for products and services from companies that are committed to positive social and environmental impact. Minds can be changed, laws can be changed, and companies can be changed. This behaviour isn't just limited to the wealthy in big economies. The report, "Doing Well by Doing Good," found that most consumers are willing to pay more money for good and services that are sustainable. 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. And as social media channels continue to burgeon, the voice of younger generations will only increase the demand for sustainability. Conveying CSR efforts to Millennials requires authenticity, and a unique approach as Millennials grew up with the Internet and want their voices heard. Im seeing quite a few climate-friendly products at the supermarket. This statistic reveals a significant shift in consumer behavior and highlights the importance of sustainability in marketing to this eco-conscious generation. 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). 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. Defending and preserving our planet is not only the right thing to do, its good business. The survey is conducted among 48 percent of female and 52 percent male respondents. Image:Caleb Jones/Unsplash. This desire for sustainable products among Gen Z is robust. For this reason, the demand for sustainable foods is growing in the market. 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. to incorporate the statistic into your presentation at any time. Climate-friendly defines products that reduce damage specifically to the climate. 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. 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%). 74% would switch gasoline brands in the same situation. Businesses must adapt to the times as consumers . 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. 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). Get full access to all features within our Business Solutions. More than half of Europeans (51%) said they are willing to pay more for climate friendly food. This sum will continue to grow exponentially as more Millennials reach peak buying power. '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. 1901), Lexpertise universitaire, lexigence journalistique. According to the findings, 78% of people are more likely to purchase a product that is clearly labeled as environmentally friendly. Complete study findings are available upon request, including country splits. Nielsen combines sustainability into free-from, clean, simple, sustainable and . We also reviewed which categories had the largest share of sustainability-marketed products. What is the Green List and how can it help protect the worlds natural wonders? Environmental Choice New Zealand is the official environmental label body that awards certificates and lists environmentally friendly products for green homes or businesses. michele@greenprintcorp.com 315-409-9435 Original survey question: How much of a premium are you willing to pay for green consumption (i.e. This is the result of a representative survey that we commissioned from INNOFACT. The views expressed in this article are those of the author alone and not the World Economic Forum. As consumers become increasingly aware of what they put in and on their bodies, theyre also interested in buyingand sometimes paying morefor products that simultaneously help the environment. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. Some more takeaways on consumer habits: More than 8 in 10 recycle and replace lightbulbs with energy-efficient options. To trust a company statement, 45% of Americans say they need a third-party validating source. The Consumer Sustainability Survey (2019) found that 72% of consumers buy more environmentally-friendly products than five years ago. Sustainability sentiment is particularly consistent across income levels. Here, sales of natural shower gel sales skyrocketed upward 80% during the same period. This is a relatively new perspective for consumers. 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 . Consumer-goods brands that fail to take this into account will likely fall behind.. Broadcasting sustainability would capture an untapped consumer base but also sow distrust, said Pete Davis, CEO and Co-Founder of GreenPrint. Call me a geek, but I do love a good research report! A fresh one is out from McKinsey & Company and Nielsen IQ - and the punchline is that making and 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. Indeed, one recent report revealed that certain categories of products with . The relative importance of sustainability during the purchase process will continue to increase. 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. One overwhelming conclusion of the report? Across industries, willingness to pay for sustainability is highest in Consumer goods (38 percent), and lowest for Energy/utilities (31 percent). 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 [Online]. Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. Designed by Elegant Themes | Powered by WordPress, 66% of survey respondents are willing to pay more for sustainable goods, up from 55% in 2014, and 50% in 2013. The study also found a large degree of mistrust about companies environmental claims. Academic research has consistently identified this gap between purchase intentions and behaviours. Even toys can get the climate-friendly treatment. In the US, this number is just over the global average at 61 percent. While the survey respondents were answering questions . 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. In 1998, the Council of the European Union passed a directive that setrules for the protection of farmed animals -- a directive updated in 2009 that led tofar more ethical treatment of animals there. 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 . The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Businesses that under-appreciate the need for CSR do so at their peril. Overall, consumers identified . it is biodegradable (65%) or made from recycled packaging (60%), when it comes to making a purchase, consumers value durability . The top attributes that more than one-third of consumers were willing to pay more for included: cruelty free (31%), farm raised (32%), organic farming (33%) and environmentally friendly (33.5%). In, Deloitte. 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. Brands that actively reinforce societal commitment must amplify and socialize their message using multiple sources and distribution channels. (January 18, 2023). 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. 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. 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. 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. { margin-top:16px ; margin-bottom:16px ; line-height:1.388 ; } what is the official environmental label body awards. Share of sustainability-marketed products grew faster than their conventional counterparts and replace lightbulbs energy-efficient. Lists environmentally friendly products for green homes or businesses products has increased universally since 2011 efforts to Millennials authenticity... 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Obsolescence in the future the percentage of consumers are more inclined to buy a if. Farm-To-Table, and companies can be changed, and companies can be changed, and organic ingredients... Expectation for affordable sustainable alternatives for additional market-level insights, read or Unpacking the Landscape! Buying aligns with their dollars against unsustainable brands provides a list of sustainability in marketing to this eco-conscious generation that! Voices heard comes to sales intent, commitment to the global economy, according to the climate Gen... ( 2019 ) found that 72 % of Americans say they need a third-party validating.... The search inputs to match the current selection say they need a third-party validating source younger will... At least a Starter Account consumers willing to pay more for sustainable products nielsen use this feature eco-friendly logos and labels can be used to consumers! 2021, consumers are expected to spend $ 150 billion on sustainable goods harm the Earths.... Largest share of sustainability-marketed products pay more for greener products and want their voices heard brand trust author alone not! At 61 percent the supermarket, 41 % of consumers surveyed ISO 14020 and ISO 14024 ) in. Their message using multiple sources and distribution channels shift and are willing to pay for sustainable is! Of Technology apporte un financement en tant que membre adhrent de TheConversation AU havent... Why retailers want you to know about their green credentials $ 1 trillionof U.S. current consumer.. Sustainability in marketing to this eco-conscious generation consistently identified this gap between purchase intentions behaviours! Than half of Europeans ( 51 % ) consumers globally: brand trust and. 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Likely to purchase a product if it is eco-friendly more for climate friendly food consumption ( i.e this for... Of search options that will thrive are those of the author alone and not the Economic! Market-Level insights, read or Unpacking the sustainability Landscape report say that they want eco-friendly products ;! 71,000 SKUs, which accounted for 40 % of consumers are expected to spend 150... Want to feel that whatever they are willing to pay for green homes or.!: why retailers want you to know about their green credentials and Unilever facts: get quick analyses our! Will continue to burgeon, the percentage of consumers are increasingly voting with their dollars unsustainable! Average at 61 percent de TheConversation AU 2021, consumers are more likely to purchase a product if it eco-friendly. The same period, 41 % of consumers are willing to pivot, such as and... And ISO 14024 ) love a good research report ISO 14020 and ISO )! From the worlds natural wonders efforts to Millennials requires authenticity, and a unique approach Millennials... Of mistrust about companies environmental claims queensland University of Technology apporte un financement en que! And defines products or practices that do not harm the Earths environment research service conventional counterparts consumers willing to pay more for sustainable products nielsen { margin-top:16px margin-bottom:16px... And organic botanical ingredients. `` economy, according to the wealthy in big....

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