Please create an employee account to be able to mark statistics as favorites. This statistic displays the share of consumers willing to pay extra for sustainable products in the Netherlands from 2014 to 2020. 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. Consumers are willing to pay more for greener products and want producers to provide better climate-related on-label packaging. Queensland University of Technology apporte un financement en tant que membre adhrent de TheConversation AU. This likely depressed the growth numbers, as many brands have become more sustainable over time. 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. In one survey, 66% of all respondents, and 75% of millennial respondents, said they consider sustainability when making a purchase. 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. The Generational Gap: Younger consumers are more actively taking steps towards being more sustainable. It also found that 73% of global Millennials are willing to pay extra for sustainable offerings up from 50% in 2014. Commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. More demand would mean more production and lower unit price costs. Nudge theory is used to understand how people think, make decisions and behave. I don't dream of a world with 99 cent hamburgers available at any roadside fast food place. Companies should be aware that consumers are increasingly voting with their dollars against unsustainable brands. Construction/home (66 percent), Consumer goods (63 percent), Travel and tourism (62 percent) and Automotive (61 percent) range in between. 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. But brands can nudge consumers towards more eco-friendly products. This button displays the currently selected search type. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Comparing sectors, 78% of respondents said food/groceries are doing well in terms of demonstrating their commitment to environmentally friendliness. 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. 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. Millennials and Gen Z are becoming a force to be reckoned with as they continue to represent a larger share of the consumer demographic. The firm has over 1,400 employees in 41 offices worldwide. 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. Pay more, waste less: 32% of consumers would pay more for a product from a brand that they believe is committed to sustainability. Using multiple communication methods is important to demonstrate good deeds, such as third-party validation (news coverage), annual reports, affiliation with a respected non-profit or civic organization, employee volunteerism, advertising, or reporting actual work in the community on a web site. Chart. 2023 Nielsen Consumer LLC. 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. People want to feel that whatever they are buying aligns with their personal values. When looking at food items like coffee, I want to know first that it's Fair Trade. Consumers also see themselves as the agents of change, implying that the call to action for companies to adapt has never been more urgent. 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. 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. Millennials gave an even more impressive showing, with 73 percent indicating a similar preference." We see the impact of similar sentiment around shower gel, a category where naturals own 10.3% of the value share, and the overall category saw sales decline 0.8%. www.simon-kucher.com, Internet Explorer presents a security risk. Nature is worth $44 trillion to the global economy, according to a recent World Economic Forum estimate. When browsing beauty products, my first question is, "Is it cruelty-free?" While the survey respondents were answering questions . Zach Harris 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%. Says Gstalder: While marketing good deeds is encouraged and expected by consumers, authenticity and credibility are essential. 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%). They are willing to rethink their buying habits to incorporate environmental and social product benefits into their buying decisions. This shows that sustainability has been on consumers' minds for quite. 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). As a result, e-commerce businesses that prioritize environmentally-friendly practices will likely see a competitive advantage. By comparison, 51% of Boomers (ages 50-64) said that they would pay a premium for sustainable products. For further information please contact: As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . Our own 2019 report, " The State of Consumer Spending: Gen Z . "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. 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. 77% of Americans are concerned about the environmental impact of products they buy. According to the2015 Cone Communications Millennial CSR Study, More than nine-in-10 Millennials would switch brands to one associated with a cause (91% vs. 85% U.S. average), and two-thirds use social media to engage around CSR (66% vs. 53% U.S. average)., The study also finds that Millennials say they are prepared to make personal sacrifices to make an impact on issues they care about, whether thats paying more for a product (70 percent vs. 66 percent US average), sharing products rather than buying (66 percent vs. 56 percent) or taking a pay cut to work for a responsible company (62 percent vs. 56 percent).. 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 . This isn't a pipe dream. All Rights Reserved. The Consumer Sustainability Survey (2019) found that 72% of consumers buy more environmentally-friendly products than five years ago. And the percentage of respondents under 20 - known as Gen Z - willing to pay more grew from 55% last year to 72% this year. This creates both future challenges and opportunities for all companies as the world becomes more sustainable. [Online]. We used clothing brand Reformation as a case study of sorts and spoke with experts in consumer behavior and the fashion industry to better understand the sustainability movement, why consumers love it, and how more brands can do their part. 9. From there, it becomes more specific and fragmented. to incorporate the statistic into your presentation at any time. Profit from the additional features of your individual account. A survey of 51 retail senior-level . Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. Those that had no such commitment grew less than 1%. What is the Green List and how can it help protect the worlds natural wonders? Why cities should be fully recognized stakeholders within the UN system, This Architect Says Sustainable Timber Could Be The Future Of Our Cities, 3 solutions helping net-zero aviation take off, is affecting economies, industries and global issues, with our crowdsourced digital platform to deliver impact at scale. Are consumers really willing to pay more for sustainable products? Can changing your mindset change everything? 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. As companies look to break into new markets, they must understand that each market demands its own approach. Younger shoppers are the most willing to. 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. 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. Consumers from 60 countries were surveyed for this report. Almost three quarters of the . 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 . Minds can be changed, laws can be changed, and companies can be changed. Learn more about how Statista can support your business. A new study, looking at the sales from 2013 to 2018 of products marketed as sustainable, finds the conventional wisdom isnt true. The Nielsen Global Survey on Corporate Social Responsibility polled more than 29,000 Internet respondents in 58 countries. Its hard to ignore the siren call to protect the planet. Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. On the flip side, large global consumer-goods brands that ignore sustainability increase reputational and business risk. This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. 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. For most of the history of the moderneconomy, the sourcing of products didn't even cross the minds of those shopping. For example, the climatop label certifies products that generate significantly less greenhouse gas than comparable products. michele@greenprintcorp.com Social responsibility is a critical part of proactive reputation management. More than half of Europeans (51%) said they are willing to pay more for climate friendly food. Im seeing quite a few climate-friendly products at the supermarket. Rudominers lifelong passion is using communication to foster social change. Jun 27, 2014 The willingness to pay for sustainable products has increased universally since 2011. In a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. And according to Nielsen, I'm not alone in that. . I dream of a world in which all factory farms are destroyed. For instance, while the overall shampoo category saw declines of 3.4% over a year long period ending April 2018, natural shampoos, which own 11.2% of the value share, are steadily growing at 2.2%. According to Nielsen, 66% of all consumers are willing to pay more for sustainable brands. The report, "Doing Well by Doing Good," found that most consumers are willing to pay more money for good and services that are sustainable. About three in four Millennials (74 percent) and Generation Z consumers (72 percent) are willing to pay more for sustainable products and services, according to The Nielsen Company. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. Wed suggest they follow the data. Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph]. 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. 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). Environmental Choice New Zealand is the official environmental label body that awards certificates and lists environmentally friendly products for green homes or businesses. I don't dream of a world in which I can get a shirt for $3.99 just for the sake of that. The first-ever edition of the companys Business of Sustainability Index found that nearly two-thirds (64%) of Americans are willing to pay more for sustainable products but most (74%) dont know how to identify them. Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, How much do we really care about nature? The future for CPG, and increasingly for other categories such as apparel, is sustainable. Nielsen combines sustainability into free-from, clean, simple, sustainable and . Saving biodiversity: why our mental and physical health depends on it. Please do not hesitate to contact me. 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. More than half (56%) of Americans would use a credit card that could calculate and offset the environmental footprint of products purchased. Accessed March 02, 2023. https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/, Deloitte. We made no attempt to assess if products marketed as sustainable were, in fact, sustainable. 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). 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%. Consumers across regions, income levels, and categories are willing to pay more, if doing so ensures they remain loyal to their values. 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. This is the result of a representative survey that we commissioned from INNOFACT. Many sustainable trends in new markets start with beauty and personal care. lire aussi : The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. Globally, sustainability is rated as an important purchase criterion for 60 percent of consumers. She's vocal about the fact that it costs a lot more than shirts from a company like H&M specifically because she only uses sustainable goods and ethical practices when it comes to the workers. Rishabh Chokhani, CEO of Naturevibe Botanicals, says this is in part because "Today's consumers don't want to buy a product, they want to buy a lifestyle. Consumer-goods brands that fail to take this into account will likely fall behind.. Businesses are in a bind. Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. New York-based Nielsen forecasts the market to reach somewhere between $142.4 billion and $150.1 billion by 2021. To trust a company statement, 45% of Americans say they need a third-party validating source. Consumers are voting with their dollars against unsustainable brands. 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. Brands can bring their CSR efforts to life through authentic storytelling. 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. But research continues to show few consumers who report positive attitudes toward eco-friendly products actually follow through with their wallets. Fifty percent of global consumers are willing to pay more for goods and services from companies that have implemented programs to give back to society, according to a new study from Nielsen. Most important, products marketed as sustainable grew 5.6 times faster than those that were not. The Daily Digest for Entrepreneurs and Business Leaders, 73 Percent of Millennials Are Willing to Spend More Money on This 1 Type of Product. Get full access to all features within our Business Solutions. A willingness to pay more for "sustainable" products. Products must meet similar standards (ISO 14020 and ISO 14024). According to the findings, 78% of people are more likely to purchase a product that is clearly labeled as environmentally friendly. lire aussi : Academic research has consistently identified this gap between purchase intentions and behaviours. 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. To use individual functions (e.g., mark statistics as favourites, set Design It can be used to help people improve their thinking and decisions. 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. 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. And companies with strong reputations outperform others when it comes to attracting top talent, investors, community partners, and importantly, consumers.. The hierarchy among drivers of consumer loyalty and brand performance is changing, says Farraj. 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%). 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. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the worlds population. Some brands are even moving beyond simply eco-friendly and now seek to claim their products are climate-neutral. 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. We examined over 36 categories and more than 71,000 SKUs, which accounted for 40% of CPG dollar sales over the five-year period. Traditional advertising will not work with Millennials. 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. In, Deloitte. GreenPrint is a global environmental technology company, offering sustainability as a service with patent-protected programs that deliver environmental impact and bottom-line results. 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. Surface Studio vs iMac - Which Should You Pick? This figure is even higher for millennials (73%) and Generation Z (72%). A clear majority of Europeans (74%) say food companies need to work to reduce the emissions from . 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. 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. As US psychologist Icek Ajzen wrote: Actions, then, are controlled by intentions, but not all intentions are carried out . As CPG sales spiked . 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. 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. 5 Ways to Connect Wireless Headphones to TV. 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. 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. Georgetown University School of Continuing Studies. Label body that awards certificates and lists environmentally friendly products environmental Technology company, offering sustainability as a with. Purchase intentions and behaviours 1,400 employees in 41 offices worldwide the minds those! 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