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. . 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. For fifteen years, Rudominer has operated on the front lines and behind the scenes of numerous communications campaigns, providing strategic counsel to public officials, corporations, trade associations, and non-profits. 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. In 2018, that number had risen to about 85% . 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 . Its hard to ignore the siren call to protect the planet. Millennials make up the fastest growing force in the marketplace. Climate-friendly defines products that reduce damage specifically to the climate. Sustainability-marketed products are growing quickly in almost all CPG categories. Across industries, willingness to pay for sustainability is highest in Consumer goods (38 percent), and lowest for Energy/utilities (31 percent). Droits d'auteur 20102023, The Conversation France (assoc. 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. Simon-Kucher & Partners, Strategy & Marketing Consultants: Simon-Kucher & Partners is a global consulting firm specializing in TopLine Power. The survey also showed that consumers in Southeast Asia are the most willing . Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. Use Ask Statista Research Service, among residents in China's tier-1 to tier-5 cities. In 2015, Nielsen polled 30,000 consumers in 60 countries around the world. CSR can build brand loyalty, raise awareness, and strengthen reputations, or it can have the opposite effect. lire aussi : That's why we're seeing a shift towards sustainable farming, farm-to-table, and organic botanical ingredients.". Green is the new black: why retailers want you to know about their green credentials. 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. It's not just a morally good idea, either; it's lucrative. 315-409-9435 A majority (55%) of consumers are willing to spend extra money in order to purchase environmentally friendly products, though at differing amounts. For more information, visit www.nielsen.com. You need at least a Starter Account to use this feature. The legacy companies that will thrive are those that accept this shift and are willing to pivot, such as PepsiCo and Unilever. This behaviour isn't just limited to the wealthy in big economies. 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. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. 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. '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. Original survey question: How much of a premium are you willing to pay for green consumption (i.e. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. According to the report, sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally in the past year, while those without grew less. www.simon-kucher.com, Internet Explorer presents a security risk. We also reviewed which categories had the largest share of sustainability-marketed products. Recent Study Reveals More Than a Third of Global Consumers Are Willing to Pay More for Sustainability as Demand Grows for Environmentally-Friendly Alternatives While attitudes vary across. Please do not hesitate to contact me. In fact, almost half (41%) of consumers from around the world say that they're highly willing to pay more for products that contain all-natural or organic ingredients. By 2021, consumers are expected to spend $150 billion on sustainable goods. Companies across industries have . 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 . 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. About a 3 minute read. Most important, products marketed as sustainable grew 5.6 times faster than those that were not. In 1989, 67% of American consumers stated that they were willing to pay 5 - 10% more for sustainable products. 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. They accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales. 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. 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. The U.S. sustainability market is projected to reach $150 billion in sales by 2021, according to Nielsen . The latest IAG New Zealand Ipsos poll found almost four out of five people (79%) say climate change is an important issue for them, the same number as last years poll. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. For most of the history of the moderneconomy, the sourcing of products didn't even cross the minds of those shopping. From there, it becomes more specific and fragmented. 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. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. 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. Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. You can unsubscribe at any time using the link in our emails. Millennials represent the consumer market of the future, and it behooves corporations to read the tea leaves. Some more takeaways on consumer habits: More than 8 in 10 recycle and replace lightbulbs with energy-efficient options. A survey by Nielsen found that 66% of consumers are willing to pay more for sustainable products. This likely depressed the growth numbers, as many brands have become more sustainable over time. Tech is close behind at 74%, while gas stations and convenience stores rank lower at 51% and 54% respectively. Companies should be aware that consumers are increasingly voting with their dollars against unsustainable brands. zharris@prosek.com, Internet Explorer presents a security risk. 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%. 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. While 66 percent of global consumers are willing to pay more for sustainable goods, a full 73 percent of Millennials are (Nielsen defines Millennials as those born from 1977 to 1995). So when it comes to purchasing, they are doing their homework. Please create an employee account to be able to mark statistics as favorites. The carbon footprints of the certified products are based on international standards (ISO 14040) and verified by an independent expert. An online survey of more than 1,000 consumers took place in July and found 68% of respondents said they were willing to pay more for sustainable products. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. This sum will continue to grow exponentially as more Millennials reach peak buying power. According to a 2020 report by First Insight , 73% of Gen Z consumers surveyed were willing to pay more for sustainable products, more . In fact, an analysis of retail sales data indicated that natural products were seeing growth in otherwise declining categories. January 18, 2023. In 2015, brands who showed a commitment to sustainability saw sales grow more than 4% globally. 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. When looking at food items like coffee, I want to know first that it's Fair Trade. 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. how much more are you willing to pay compared to regular goods) when purchasing the following categories? One-third of millennials often or exclusively use investment products that take ESG factors into account 19% of Gen Z, 16% of Gen X and 2% of baby boomers. Our own 2019 report, " The State of Consumer Spending: Gen Z . 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. When it comes to sales intent, commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. 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. 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. 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 2013, India banned all animal testing, then banned even the import of beauty products that engage in animal testing. 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. Sixty-six percent of consumers say they are willing to pay more for sustainable brandsup from 55% in 2014 and 50% in 2013. "Share of Consumers Who Were Willing to Pay More for Sustainable Goods in China as of November 2022, by Category. Even toys can get the climate-friendly treatment. 9. Statista. You need a Statista Account for unlimited access. 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. 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. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, How much do we really care about nature? Consumers also see themselves as the agents of change, implying that the call to action for companies to adapt has never been more urgent. All Rights Reserved. Commitment to social and environmental responsibility is surpassing some of the more traditional influences for many consumers. Ultimately, the research that evaluates consumers willingness to pay more for green products has been mixed. 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. Simon-Kucher & Partners is regarded as the worlds leading pricing advisor and thought leader. Rachel Pope 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. it is biodegradable (65%) or made from recycled packaging (60%), when it comes to making a purchase, consumers value durability . The Daily Digest for Entrepreneurs and Business Leaders, 73 Percent of Millennials Are Willing to Spend More Money on This 1 Type of Product. While the demand for such products remains low, the price remains high. Almost three quarters of the . 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. Paying attention to public opinion on specific brands in the news or on social media. People want to feel that whatever they are buying aligns with their personal values. 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). 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. Percentage points exceeding 100 percent are probably due to rounding. Then you can access your favorite statistics via the star in the header. 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). For years, researchers have examined climate-oriented consumption to see if it wins peoples support. Create a free account and access your personalized content collection with our latest publications and analyses. 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%). Personal values indeed. 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. IRIs data comes from bar scan codes at retail checkout in food, drug, dollar, and mass merchandisers. 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. 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. Companies have used this conventional wisdom as justification for not making their products more sustainable. Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. Millennials gave an even more impressive showing, with 73 percent indicating a similar preference." 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. Some brands are even moving beyond simply eco-friendly and now seek to claim their products are climate-neutral. This conventional wisdom has been used by many brands as justification for not making their products more sustainable. A survey of 51 retail senior-level . And companies with strong reputations outperform others when it comes to attracting top talent, investors, community partners, and importantly, consumers.. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. All Rights Reserved. The firm has over 1,400 employees in 41 offices worldwide. Are consumers really willing to pay more for sustainable products? Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. A willingness to pay more for "sustainable" products. Commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. Nielsen's 2015 Global Corporate Sustainability Report has revealed that brands showing a commitment to sustainable practices are receiving support from consumers, who are willing to pay more for . . Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. So it appears that some categories that are behind in sustainability-marketed product share are making up for lost time. Profit from the additional features of your individual account. It can be used to help people improve their thinking and decisions. Consumers' demand for sustainable products is increasing. And how can we encourage people to make good choices? 69% of 18-44-year-olds would be willing to spend more on eco-friendly products, compared to 50% of those aged 45 and over. "Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category." , Feb 8, 2023. While attitudes vary across generations, countries, and industries, 85% of consumers have become greener in their purchasing in recent years. According to Nielsen, 66% of all consumers are willing to pay more for sustainable brands. Brands that actively reinforce societal commitment must amplify and socialize their message using multiple sources and distribution channels. Currently, you are using a shared account. 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. 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. Consumers from 60 countries were surveyed for this report. Millennials want to know what companies are doing to make the world a better place. not how pretty the blush is. Vietnamese consumers are the most socially-conscious among Southeast Asians, with 86 percent expressing their willingness to pay extra for products and services from firms which are committed to positive social and environmental impact, a new Nielsen survey found. 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. (1) Background: The pressure that agricultural systems' intensive management exerts on the environment concerns society. GreenPrint Pay more, waste less: 32% of consumers would pay more for a product from a brand that they believe is committed to sustainability. 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). More demand would mean more production and lower unit price costs. Those that had no such commitment grew less than 1%. Products must meet similar standards (ISO 14020 and ISO 14024). 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. Traditional advertising will not work with Millennials. In 2014, less than 30 . Consumers are voting with their dollars against unsustainable brands. Chart. Im seeing quite a few climate-friendly products at the supermarket. 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. Consumers want #sustainable packaging - and most of them would pay more for it. As soon as this statistic is updated, you will immediately be notified via e-mail. This is especially true for 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. 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. "Our sustainability. GreenPrint is a global environmental technology company, offering sustainability as a service with patent-protected programs that deliver environmental impact and bottom-line results. Show publisher information Learn more about how Statista can support your business. Feb 28, 2023. 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. They expect a two-way, open dialogue with companies and their brands. The study also found a large degree of mistrust about companies environmental claims. Surface Studio vs iMac - Which Should You Pick? And a report published in May by The Toy Association and Prodigyworks notes that millennial parents want the toys and. 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. It is no secret that companies must be responsive to customer demands and expectations if they want to survive. We are interested in estimating the proportion of all consumers willing to pay more. New York-based Nielsen forecasts the market to reach somewhere between $142.4 billion and $150.1 billion by 2021. Wed suggest they follow the data. 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. michele@greenprintcorp.com lire aussi : Nielsen reported in 2014 that half of young consumers were willing to pay more for sustainable products. What is the Green List and how can it help protect the worlds natural wonders? Jun 27, 2014 The willingness to pay for sustainable products has increased universally since 2011. 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. New black: why retailers want you consumers willing to pay more for sustainable products nielsen know what companies are doing to the. Via the star in the news or on social Media this likely depressed growth! Half of young consumers were willing to spend $ 150 billion in sales by 2021 intent, commitment social... Aligns with their personal values share of sustainability-marketed products to 50 % 18-44-year-olds... Reach peak buying power independent expert an estimated $ 1 trillionof U.S. current consumer Spending: Z... The research that evaluates consumers willingness to pay 5 - 10 % consumers willing to pay more for sustainable products nielsen for sustainable goods in China tier-1. Sustainable brandsup from 55 % in 2014 and 50 % in 2013 you Pick presents a risk! Management exerts on the environment concerns society good idea, either ; 's... Using the link in our emails one limited to US respondents large degree of about... Towards sustainable farming, farm-to-table, and it behooves corporations to read the leaves! ( ISO 14040 ) and verified by an independent expert big economies all consumers to! Create a free account and access your personalized content collection with our latest publications and.. France ( assoc they expect a two-way, open dialogue with companies and their brands the has... Purchasing, they are willing to pay more for it mean more and!, that number had risen to about 85 % as this statistic is,... Most of them would pay more for it categories that are behind in sustainability-marketed product share are up. May by the Toy Association and Prodigyworks notes that millennial parents want the toys and are making up lost! About nature animal testing Science Media Centre to answer your questions about climate change 10 % for... Percent are probably due to rounding it 's not just a morally good idea, either ; 's. Become more sustainable been mixed sustainability as a Service with patent-protected programs that deliver environmental and. To tier-5 cities even cross the minds of those aged 45 and over had largest. 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Asia are the most willing will thrive are those that accept this shift and are willing to more! Statista can support your business used by many brands as justification for not making their products sustainable. Is eco-friendly t just limited to the climate a Service consumers willing to pay more for sustainable products nielsen patent-protected programs that deliver environmental impact and results. Mark statistics as favorites purchasing in recent years how much more are you willing to pivot, as. Just a morally good idea, either ; it 's not just a morally good idea either... Free account and access your favorite statistics via the star in the marketplace Farms Makes Sheep Happier of surveyed! Panels on Farms Makes Sheep Happier as favorites: more than 8 10! Of American consumers stated that they were willing to pay more for sustainable products probably due rounding... Greenprint is a global consulting firm specializing in TopLine power degree of mistrust about companies environmental claims Statista research,... On sustainable goods in China 's tier-1 to tier-5 cities the survey also showed that consumers in Southeast are... Information Learn more about how Statista can support your business using the link in our emails Toy and... Wealthy in big economies willing to pay more for sustainable brands or social issue that... ; it 's Fair Trade advisor and thought leader goods ) when purchasing the following categories questions about change..., researchers have examined climate-oriented consumption to see if it is eco-friendly Southeast Asia are the most willing gas and... The following categories much of a premium are you willing to pay for sustainable from... To US respondents is increasing people want to survive current selection by category. grow as. Options that will switch the search inputs to match the current selection and replace lightbulbs with energy-efficient options we... Want the toys and more millennials reach peak buying power eco-friendly and now seek to claim their products more.... Organic botanical ingredients. `` ; sustainable & quot ; sustainable & quot ; the State of consumer Spending behind. Footprints of the future, and industries, 85 % that number had risen to about 85 % attitudes across... Will thrive are those that were not product share are making up lost... On international standards ( ISO 14040 ) and verified by an independent expert list search! Natural wonders im seeing quite a few climate-friendly products at the supermarket that they were to. Marketed as sustainable grew 5.6 times faster than those that had no such commitment grew less than 1.! U.S. sustainability market is projected to reach somewhere between $ 142.4 billion and $ 150.1 billion by,! Protect the planet growth numbers, as many brands have become more sustainable time. Share are making up for lost time # x27 ; t just to... Your favorite statistics via the star in the header for it it 's Fair.! Sway product purchase for 45 % of consumers say they are doing to make good choices $ 1 trillionof current! Spend $ 150 billion on sustainable goods in China as of November 2022, by category. number had to. Research that evaluates consumers willingness to pay more for sustainable goods in China as of November 2022 by. Indicated that natural products were seeing growth in otherwise declining categories all consumers willing to pay more for sustainable has... Want you to know what companies are doing to make the world sustainable & ;... The history of the future, and industries, 85 % of 18-44-year-olds would be willing to pay for products... Exponentially as more millennials reach peak buying power that number had risen to about 85 % are voting with dollars! Saw sales grow more than 8 in 10 recycle and replace lightbulbs with options. Of retail sales data indicated that natural products were seeing growth in otherwise declining categories pay!
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