A willingness to pay more for "sustainable" products. Nielsen's most recent Global Sustainability Report found that 66 percent of consumers said they were willing to pay more for sustainable brands, up from 55 percent in 2014. . This figure is even higher for millennials (73%) and Generation Z (72%). What is the World Economic Forum doing about the circular economy? Are consumers really willing to pay more for sustainable products? While the demand for such products remains low, the price remains high. 2023 Nielsen Consumer LLC. 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. IRIs data comes from bar scan codes at retail checkout in food, drug, dollar, and mass merchandisers. If you have a question youd like an expert to answer, please send it to climate.change@stuff.co.nz. GreenPrint, A Public Benefit Corporation, is on pace to offset over 30 million metric tons of carbon by 2025. 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. 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 . Businesses that under-appreciate the need for CSR do so at their peril. Commitment to social and environmental responsibility is surpassing some of the more traditional influences for many consumers. But nearly 60% are unwilling to pay more money for that eco-friendly product.. 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). In China, 41% of consumers say that they want eco-friendly products. In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. They found that: 61% of consumers would be willing to pay more for eco-friendly DIY products. Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. 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. While attitudes towards sustainability vary between generations, they also vary across countries -- when looking at consumers who have either made significant changes to their purchasing behavior or completely changed their way of living to be more sustainable, Austria leads the way (42 percent), followed by Italy (41 percent), Spain (35 percent) and Germany (34 percent). Across industries, willingness to pay for sustainability is highest in Consumer goods (38 percent), and lowest for Energy/utilities (31 percent). Some more takeaways on consumer habits: More than 8 in 10 recycle and replace lightbulbs with energy-efficient options. For years, brand managers have groused that while consumers say they intend to buy sustainable products, in store they dont actually purchase them. An international study of 20,000 customers by grocery brand giant Unilever identified one in three (33%) people were choosing to buy from brands they believe are doing environmental good. 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. According to our Consumers Buy The Change They Wish To See in The World report, we found that natural and organic ingredients and certifications serve as the entry level point for nearly every market when it comes to sustainability attributes consumers are searching for. In 2015, Nielsen polled 30,000 consumers in 60 countries around the world. You can only download this statistic as a Premium user. 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. This statistic reveals a significant shift in consumer behavior and highlights the importance of sustainability in marketing to this eco-conscious generation. We help our clients achieve growth and profit targets by applying practical, evidence-based strategies. 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 In, Deloitte. Millennials already played a significant . I dream of a world in which all factory farms are destroyed. Looking at web sites for information on business and manufacturing practices. 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. 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. , Feb 8, 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. 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. In fact, an analysis of retail sales data indicated that natural products were seeing growth in otherwise declining categories. Pay more, waste less: 32% of consumers would pay more for a product from a brand that they believe is committed to sustainability. Says Gstalder: While marketing good deeds is encouraged and expected by consumers, authenticity and credibility are essential. CSR can build brand loyalty, raise awareness, and strengthen reputations, or it can have the opposite effect. This behaviour isn't just limited to the wealthy in big economies. Then you can access your favorite statistics via the star in the header. Access to this and all other statistics on 80,000 topics from, Show sources information Mr Harrison says, however, that customers are becoming more canny. Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. 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. Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. 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. .chakra .wef-10kdnp0{margin-top:16px;margin-bottom:16px;line-height:1.388;}What is the World Economic Forum doing about the circular economy? 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. Learn more about how Statista can support your business. zharris@prosek.com, Internet Explorer presents a security risk. It is no secret that companies must be responsive to customer demands and expectations if they want to survive. how much more are you willing to pay compared to regular goods) when purchasing the following categories? When it comes to purchase behavior, its become abundantly clear that consumers care. On a global scale, the percentage of consumers willing to pay a premium for. Please create an employee account to be able to mark statistics as favorites. Professor of Marketing and Consumer Behaviour, Queensland University of Technology. That across the board, consumers are willing to pay extra for one thing: sustainability. The report, "Doing Well by Doing Good," found that most consumers are willing to pay more money for good and services that are sustainable. More than half of Europeans (51%) said they are willing to pay more for climate friendly food. Social responsibility is a critical part of proactive reputation management. Get the full study Join Your Peers 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. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. Get full access to all features within 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. 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. 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). Companies must invest, innovate and transform their business models now to protect their long-term profitability and viability. Comparing sectors, 78% of respondents said food/groceries are doing well in terms of demonstrating their commitment to environmentally friendliness. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Nudge theory is used to understand how people think, make decisions and behave. Consumersparticularly Millennialsincreasingly say they want brands that embrace purpose and sustainability. According to market research firm Nielsen, just 22% of the world's consumers were willing to pay more for an eco-friendly product in 2011, despite the fact 83% thought it was important. Companies that are able to navigate the business of sustainability will be best positioned for future success.. In a free market economy, it is very difficult to force people to pay more for products. Seventh Generation, Sundial Brands, and Pukka Herbs. 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 . Committing to sustainability might just pay off for consumer brands, according to the latest Nielsen Global Corporate Sustainability Report. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. It can be done. 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. From there, it becomes more specific and fragmented. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Research expert covering e-commerce and FMCG in Greater China, Profit from additional features with an Employee Account. Mr. Davis said of the survey: Companies must build trust and loyalty by clearly demonstrating that they share environmental goals with their customers. it is biodegradable (65%) or made from recycled packaging (60%), when it comes to making a purchase, consumers value durability . 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%. 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. 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. Topping the list of sustainability factors that influence purchasing for nearly two-of-three (62%) consumers globally: brand trust. Overall, consumers identified . Corporate leadership should no longer give brand managers a pass when they claim that there is no demand 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 recent survey, 73% of Gen Zers are willing to pay more for sustainable products. Consumers are voting with their dollars against unsustainable brands. 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). crivez un article et rejoignez une communaut de plus de 160 400 universitaires et chercheurs de 4 572 institutions. Products and services that are offered from socially responsible companies may be able to charge more, according to a report by Nielsen. 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. 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. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. Good Environmental Choice Australia is a similar organisation. Or to remain unmoved by those facing increasingly poor living conditions across the globe. 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.. Reports such as Nielsen Insights suggest the majority (73%) of consumers would change their consumption habits to reduce their impact on the environment, and almost half (46%) would switch to environmentally friendly products. 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. 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. A survey of 51 retail senior-level . 1901), Lexpertise universitaire, lexigence journalistique. 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. Among millennials,. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. In a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. '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. 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. 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. As US psychologist Icek Ajzen wrote: Actions, then, are controlled by intentions, but not all intentions are carried out . 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. tel. Most important, products marketed as sustainable grew 5.6 times faster than those that were not. By comparison, 51% of Boomers (ages 50-64) said that they would pay a premium for sustainable products. Conveying CSR efforts to Millennials requires authenticity, and a unique approach as Millennials grew up with the Internet and want their voices heard. Rudominers lifelong passion is using communication to foster social change. And as social media channels continue to burgeon, the voice of younger generations will only increase the demand for sustainability. 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. In 2013, India banned all animal testing, then banned even the import of beauty products that engage in animal testing. In a study of more than 21,000 US households, Nielsen analyzed consumers' attitudes towards various sustainable attributes across 13 product categories. That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". In Taiwan, for example, where 88% of surveyed consumers said that it is extremely or very important that companies implement programs to improve the environment, there is evidence of a growing trend in natural in personal care. 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. The survey also showed that consumers in Southeast Asia are the most willing . It also found that 73% of global Millennials are willing to pay extra for sustainable offerings up from 50% in 2014. Percentage points exceeding 100 percent are probably due to rounding. Ryan Rudomineris a principal at R2 Strategic Consulting where he specializes in strategic communications, advocacy, and media relations. Companies must act now to avoid obsolescence in the future. This indicates an opportunity for consumer-goods brands that have already built a high level of trust with consumers to evaluate where best to introduce sustainable products into the market to drive growth, says Carol Gstalder, senior vice president, Reputation & Public Relations Solutions, Nielsen. 1 Over 30,000 people in 60 countries were polled about their purchasing habits, and 66% of respondents said that they were willing to pay more for products and services from companies who are committed to positive social and environmental impact. The rise in the percentage of respondents under 20, also known as Generation Z, who are willing to pay more was equally strongfrom 55% of total respondents in 2014 to 72% in 2015. Both are good tools for building trust. Nearly three . [Online]. GreenPrint is a global environmental technology company, offering sustainability as a service with patent-protected programs that deliver environmental impact and bottom-line results. 315-409-9435 A new study, looking at the sales from 2013 to 2018 of products marketed as sustainable, finds the conventional wisdom isnt true. 77% of Americans are concerned about the environmental impact of products they buy. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. People want to feel that whatever they are buying aligns with their personal values. And according to Nielsen, I'm not alone in that. When browsing beauty products, my first question is, "Is it cruelty-free?" They accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. For most of the history of the moderneconomy, the sourcing of products didn't even cross the minds of those shopping. We examined over 36 categories and more than 71,000 SKUs, which accounted for 40% of CPG dollar sales over the five-year period. Our analysis looked at products on-pack communication about their sustainability. Prosek Partners Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Voir les partenaires de TheConversation France. For example, one study found Spanish consumers were willing to pay 22-37 per cent more for green products, but Japanese consumers were only willing to pay 8 per cent to 22 per cent more for . "Our sustainability. Chart. I recently spent $38 on a t-shirt from abrand I would trust with my life: Janne Robinson. 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. According to a survey conducted among Chinese adults in November 2022, around 66 percent of respondents stated that they were willing to pay more for sustainable goods. (January 18, 2023). Consumers want #sustainable packaging - and most of them would pay more for it. Sixty-six percent of global respondents say they are willing to pay more for sustainable goods, up from 55% in 2014 (and 50% in 2013). GreenPrint 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). A fresh one is out from McKinsey & Company and Nielsen IQ - and the punchline is that making and 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. 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. A balanced approach is key for brand communicators, with the emphasis on demonstrating good deeds versus self-serving promotion.. 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. 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 . In the US, this number is just over the global average at 61 percent. 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 'm not alone in that Corporate leadership should no longer give brand managers a pass they. Approach as Millennials grew up with the Internet and consumers willing to pay more for sustainable products nielsen their voices heard not readily into... We examined over 36 categories and more than half of Europeans ( 51 )... Can only download this statistic as a premium for sustainable products comparable products 45 % Americans... 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