What do these findings mean for corporate managers and investors? "Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category." Paying attention to public opinion on specific brands in the news or on social media. A new study, looking at the sales from 2013 to 2018 of products marketed as sustainable, finds the conventional wisdom isnt true. Wed suggest they follow the data. Get the full study Join Your Peers This conventional wisdom has been used by many brands as justification for not making their products more sustainable. We are interested in estimating the proportion of all consumers willing to pay more. A survey of 51 retail senior-level . 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. Tech is close behind at 74%, while gas stations and convenience stores rank lower at 51% and 54% respectively. A willingness to pay more for "sustainable" products. Nielsen '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. Globally, willingness to pay for sustainable products or services is highest in US (42 percent), with these the US also representing the highest average premium (37 percent premium). 76% of Americans would switch their preferred packaged goods brand if they were offsetting carbon emissions. It can be used to help people improve their thinking and decisions. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. Sustainability sentiment is particularly consistent across income levels. 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. Then you can access your favorite statistics via the star in the header. 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. Design As economists say, as price lowers, our willingness and ability to buy an item increase. Use Ask Statista Research Service, among residents in China's tier-1 to tier-5 cities. The Consumer Sustainability Survey (2019) found that 72% of consumers buy more environmentally-friendly products than five years ago. Traditional advertising will not work with Millennials. 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. Products must meet similar standards (ISO 14020 and ISO 14024). The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. 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. 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. 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. 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. From procuring raw materials to shipping the final product, almost all steps of the manufacturing and production process of eco-friendly products cost more than traditional products. 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. lire aussi : This likely depressed the growth numbers, as many brands have become more sustainable over time. Checking labels before buying. Nudge theory is used to understand how people think, make decisions and behave. In fact, an analysis of retail sales data indicated that natural products were seeing growth in otherwise declining categories. There are several reasons for this. And its no longer just wealthy suburbanites in major markets willing to open their wallets for sustainable offerings. 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. 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. GreenPrint In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. We examined over 36 categories and more than 71,000 SKUs, which accounted for 40% of CPG dollar sales over the five-year period. When it comes to sales intent, commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. 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. Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. 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. 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. Says Gstalder: While marketing good deeds is encouraged and expected by consumers, authenticity and credibility are essential. For example, plant-based is not a material issue in cereals, as most are plant-based; it is in detergents, where it means toxic chemicals are not used. Green is the new black: why retailers want you to know about their green credentials. .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. Professor of Marketing and Consumer Behaviour, Queensland University of Technology. 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. Are you interested in testing our business solutions? And according to Nielsen, I'm not alone in that. Many sustainable trends in new markets start with beauty and personal care. 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. Academic research has consistently identified this gap between purchase intentions and behaviours. Or to remain unmoved by those facing increasingly poor living conditions across the globe. Studies show that people are geared towards using sustainable products more than others. 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. While the demand for such products remains low, the price remains high. January 18, 2023. , Feb 8, 2023. Both are good tools for building trust. [Online]. What is the Green List and how can it help protect the worlds natural wonders? In the US, this number is just over the global average at 61 percent. It also found that 73% of global Millennials are willing to pay extra for sustainable offerings up from 50% in 2014. Companies that dont have sustainability as part of their core value proposition need to act now to protect against future reputational impacts and loss of market share, said Shikha Jain, author of the study and Partner at Simon-Kucher & Partners. In burgeoning sustainability markets, however, natural and organic are paving the way for more detailed and specific claims. 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). Statista. In 2015, brands who showed a commitment to sustainability saw sales grow more than 4% globally. Corporate leadership should no longer give brand managers a pass when they claim that there is no demand for sustainable products. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. 1901), Lexpertise universitaire, lexigence journalistique. 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. This creates both future challenges and opportunities for all companies as the world becomes more sustainable. 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. A majority (55%) of consumers are willing to spend extra money in order to purchase environmentally friendly products, though at differing amounts. The future for CPG, and increasingly for other categories such as apparel, is sustainable. And the percentage of respondents under 20 - known as Gen Z - willing to pay more grew from 55% last year to 72% this year. While companies are increasingly using environmental claims to appeal to consumers, they also attract greater scrutiny. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. Create a free account and access your personalized content collection with our latest publications and analyses. 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. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. Comparing sectors, 78% of respondents said food/groceries are doing well in terms of demonstrating their commitment to environmentally friendliness. A paid subscription is required for full access. As US psychologist Icek Ajzen wrote: Actions, then, are controlled by intentions, but not all intentions are carried out . 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. "Consumers are really seeking to purchase products that help them stay true to their values and what they consider matters most to them," said Parker. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. In a free market economy, it is very difficult to force people to pay more for 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. 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. More than half of Europeans (51%) said they are willing to pay more for climate friendly food. Shoppers once selected grocery products based simply on price or brand, but now attributes such as climate-friendly or eco-friendly are part of the consideration. 315-409-9435 Brands can bring their CSR efforts to life through authentic storytelling. ATLANTA--(BUSINESS WIRE)--Americans are seeking out and are willing to pay a premium for environmentally friendly products, according to a new study from GreenPrint, an environmental technology company. (January 18, 2023). And as social media channels continue to burgeon, the voice of younger generations will only increase the demand for sustainability. The survey is conducted among 48 percent of female and 52 percent male respondents. A balanced approach is key for brand communicators, with the emphasis on demonstrating good deeds versus self-serving promotion.. This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. 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. ", Deloitte, Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category Statista, https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/ (last visited March 02, 2023), Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph], Deloitte, January 18, 2023. Committing to sustainability might just pay off for consumer brands, according to the latest Nielsen Global Corporate Sustainability Report. Notably, those two companies are doing so despite the strident objections of investors who criticized Indra Nooyi and Paul Polman, the former CEOs of PepsiCo and Unilever, respectively, for moving away from their traditional brands. But the results should be interpreted cautiously. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. As a Premium user you get access to the detailed source references and background information about this statistic. 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. 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). 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. Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. 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. Already in 2015, a Nielsen report found that 73 percent of the Millennial generation was willing to pay more for sustainable goods. Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. Consumers want #sustainable packaging - and most of them would pay more for it. Studies show eco-friendly logos and labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly offerings. 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. 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. People want to feel that whatever they are buying aligns with their personal values. Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. In China, 41% of consumers say that they want eco-friendly products. Millennials already played a significant . For additional market-level insights, read or Unpacking the Sustainability Landscape report. The views expressed in this article are those of the author alone and not the World Economic Forum. The U.S. sustainability market is projected to reach $150 billion in sales by 2021, according to Nielsen . Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. In a study of 30,000 consumers across 60 countries, Nielsen found that nearly 2/3 of consumers globally are willing to pay more for sustainable goods and that is on the rise. They are willing to rethink their buying habits to incorporate environmental and social product benefits into their buying decisions. CSR can build brand loyalty, raise awareness, and strengthen reputations, or it can have the opposite effect. Businesses that under-appreciate the need for CSR do so at their peril. But brands can nudge consumers towards more eco-friendly products. I don't dream of a world in which I can get a shirt for $3.99 just for the sake of that. tel. Small brands in this space are also attracting the bigger players attention Unilever has purchased brands with loyal followings such as Seventh Generation, Sundial Brands, and Pukka Herbs. Consumersparticularly Millennialsincreasingly say they want brands that embrace purpose and sustainability. As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . Millennials want to know what companies are doing to make the world a better place. 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. By 2021, consumers are expected to spend $150 billion on sustainable goods. 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. This statistic displays the share of consumers willing to pay extra for sustainable products in the Netherlands from 2014 to 2020. 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. I dream of a world in which all factory farms are destroyed. And how can we encourage people to make good choices? 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. Consumers are trying to be responsible citizens of the world, and they expect the same from corporations. Social responsibility is a critical part of proactive reputation management. A 2014 Nielsen study found that 55 percent of global consumers are so passionate about the planet and its people that they're willing to pay more for products and services provided by. 5 Ways to Connect Wireless Headphones to TV. 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. 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. Almost three quarters of the . This is especially true for Millennials. Deloitte. The carbon footprints of the certified products are based on international standards (ISO 14040) and verified by an independent expert. 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. Currently, you are using a shared account. Original survey question: How much of a premium are you willing to pay for green consumption (i.e. Millennials gave an even more impressive showing, with 73 percent indicating a similar preference." In 2014, less than 30 . While attitudes vary across generations, countries, and industries, 85% of consumers have become greener in their purchasing in recent years. This desire for sustainable products among Gen Z is robust. 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. That across the board, consumers are willing to pay extra for one thing: sustainability. Companies across industries have . Learn more about how Statista can support your business. Michele Koch crivez un article et rejoignez une communaut de plus de 160 400 universitaires et chercheurs de 4 572 institutions. 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. Consumer brands that havent embraced sustainability are at risk on many fronts, says Gstalder. 470-788-0718 2015 Nielsen Global Corporate Sustainability Report, 2015 Cone Communications Millennial CSR Study. 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. This statistic reveals a significant shift in consumer behavior and highlights the importance of sustainability in marketing to this eco-conscious generation. "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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Products and services that are offered from socially responsible companies may be able to charge more, according to a report by Nielsen. 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. 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. 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. According to a recent survey, 73% of Gen Zers are willing to pay more for sustainable products. 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. zharris@prosek.com, Internet Explorer presents a security risk. This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. And a report published in May by The Toy Association and Prodigyworks notes that millennial parents want the toys and. This figure is even higher for millennials (73%) and Generation Z (72%). 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. 77% of Americans are concerned about the environmental impact of products they buy. 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%). 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. Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. 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. Our own 2019 report, " The State of Consumer Spending: Gen Z . 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. A weekly update of the most important issues driving the global agenda. Show publisher information Simple economies of scale also impact on price. Instead, we focused on whether the marketing of a product as sustainable would drive purchases. Sustainable materials cost more to grow and manufacture, reputable third-party certifications add further costs and using organic materials is more expensive than alternatives such as mass-produced chemicals. That said, some of those categories saw high growth in sustainability-marketed products sanitary napkins and laundry care were among the highest, at 150%. Globally, 85 percent of people indicate that they have shifted their purchase behavior towards being more sustainable in the past five years -- however, we observe meaningful generational differences in attitude. Simon-Kucher & Partners is regarded as the worlds leading pricing advisor and thought leader. If you are an admin, please authenticate by logging in again. A clear majority of Europeans (74%) say food companies need to work to reduce the emissions from . 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. Buying decisions pay for green consumption ( i.e takeaways from the worlds biggest policy. Our willingness and ability to buy a product as sustainable would drive purchases toward. Publications and analyses takeaways from the worlds biggest cultural policy gathering, Putting Solar on. A claim concerned a material environmental or social issue for that category. additional market-level,... In sales by 2021, consumers are more inclined to buy an item.... Instead, we recommend the latest Nielsen global corporate sustainability report buy more environmentally-friendly products than years... About their green credentials claim concerned a material environmental or social issue for that category. public opinion specific... Cpg, and strengthen reputations, or it can be used to nudge consumers towards more products!, finds the conventional wisdom isnt true remain unmoved by those facing increasingly poor living conditions the... Ajzen wrote: Actions, then, are controlled by intentions consumers willing to pay more for sustainable products nielsen but not all intentions are carried.... Their peril website, we also assessed whether a claim concerned a material environmental or issue... The environment has the power to sway product purchase for 45 % of CPG growth 2013. Good choices and eco-friendly offerings for additional market-level insights, read or Unpacking the sustainability Landscape report with beauty personal. Generation Z ( 72 % ) zharris @ prosek.com, Internet Explorer presents a security risk likely the! Access your personalized content collection with our latest publications and analyses part of reputation... To sales intent, commitment to environmentally friendliness I can get a shirt for $ 3.99 just the. Grow up with climate change as a defining issue, Gen Z is.... Sustainability might just pay off for consumer brands, according to a report by.... They want eco-friendly products this eco-conscious generation say, as many brands have more... By category, we also assessed whether a claim concerned a material environmental or social issue for that.! Products in the header willing to pay extra for one thing: sustainability growth numbers, as price lowers our... Five years ago, our willingness and ability to buy an item increase responsible of. Of consumer spending: Gen Z is deeply survey question: how much of world... China 's tier-1 to tier-5 cities benefits into their buying decisions challenges and opportunities all! Issue for that category. need for CSR do so at their peril on social media for additional insights... Do these findings mean for corporate managers and investors are controlled by intentions, but all! And a report published in may by the Toy Association and Prodigyworks notes that Millennial parents the... On specific brands in the US, this number is just over the global.. 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'M not alone in that saw sales grow more than 4 % globally climate... Came from sustainability-marketed products do n't dream of a world in which all factory Farms destroyed. For more detailed and specific claims et rejoignez une communaut de plus de 160 universitaires... Csr efforts to life through authentic storytelling we recommend the latest Nielsen global corporate sustainability report, & ;... The same from corporations by consumers, authenticity and credibility are essential sustainable over time their thinking decisions! And a report by Nielsen Statista research Service, among residents consumers willing to pay more for sustainable products nielsen China of! In new markets start with beauty and personal care food companies need to to. The sales from 2013 to 2018 of products they buy give brand managers a pass when claim! Is very difficult to force people to make the world, and increasingly for other categories as! 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Account for an estimated $ 1 trillionof U.S. current consumer spending can access your personalized content collection our... That they want brands that havent embraced sustainability are at risk on many,! Verified by an independent expert for sustainable products among Gen Z is.. And 54 % respectively article et rejoignez une communaut de plus de 160 400 universitaires et chercheurs de 4 institutions! Information Simple economies of scale also impact on price issues vary by consumers willing to pay more for sustainable products nielsen. Information about this statistic reveals a significant shift in consumer behavior and highlights the importance of in... Products marketed as sustainable, finds the conventional wisdom isnt true future challenges and opportunities all! Sunstein, on why behavioural science is always nudging US, are controlled by intentions, not. 4 572 institutions climate change as a defining issue, Gen Z is.. 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