We are interested in estimating the proportion of all consumers willing to pay more. For this reason, the demand for sustainable foods is growing in the market. I dream of a world in which all factory farms are destroyed. 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. I recently spent $38 on a t-shirt from abrand I would trust with my life: Janne Robinson. As US psychologist Icek Ajzen wrote: Actions, then, are controlled by intentions, but not all intentions are carried out . All rights reserved. Rudominers lifelong passion is using communication to foster social change. But the results should be interpreted cautiously. 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. 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. By almost any measure, Millennials place a premium on corporate social responsibility (CSR) efforts. In a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. 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. This study investigated consumers' Willingness To Pay (WTP) for dry semolina pasta produced with raw materials from more diversified agricultural systems and which factors influence this . 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. 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 . 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. 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. 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. 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. Percentage points exceeding 100 percent are probably due to rounding. Access to this and all other statistics on 80,000 topics from, Show sources information The report, "Doing Well by Doing Good," found that most consumers are willing to pay more money for good and services that are sustainable. zharris@prosek.com, Internet Explorer presents a security risk. 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. Traditional advertising will not work with Millennials. And its no longer just wealthy suburbanites in major markets willing to open their wallets for sustainable offerings. Minds can be changed, laws can be changed, and companies can be changed. Companies must invest, innovate and transform their business models now to protect their long-term profitability and viability. This likely depressed the growth numbers, as many brands have become more sustainable over time. 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. 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 CPG sales spiked . This is the result of a representative survey that we commissioned from INNOFACT. Companies should be aware that consumers are increasingly voting with their dollars against unsustainable brands. GreenPrint Sixty-six percent of consumers say they are willing to pay more for sustainable brandsup from 55% in 2014 and 50% in 2013. What is the Green List and how can it help protect the worlds natural wonders? Good Environmental Choice Australia is a similar organisation. Retail data backs up the importance of these influencers. 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. 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. statistic alerts) please log in with your personal account. 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). While the survey respondents were answering questions . 77% of Americans are concerned about the environmental impact of products they buy. I don't dream of a world with 99 cent hamburgers available at any roadside fast food place. So it appears that some categories that are behind in sustainability-marketed product share are making up for lost time. But brands can nudge consumers towards more eco-friendly products. www.simon-kucher.com, Internet Explorer presents a security risk. Companies must act now to avoid obsolescence in the future. According to a recent survey, 73% of Gen Zers are willing to pay more for sustainable products. 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. Surface Studio vs iMac - Which Should You Pick? Our analysis did not include the term natural (which is ubiquitous but means nothing) or marketing claims related to social causes or charities. , Feb 8, 2023. As expectations around sustainability climb, companies will face significant pressure to prove their sustainability credentials and continue to make it a central part of their value proposition., One third of consumers are willing to pay a premium for sustainable products, and companies should prepare for sustainability to become the expectation and not the exception in the future. Many sustainable trends in new markets start with beauty and personal care. But nearly 60% are unwilling to pay more money for that eco-friendly product.. 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. Numberingmore than 80 millionstrong, Millennials already account for an estimated$1 trillionof U.S. current consumer spending. Consumers also see themselves as the agents of change, implying that the call to action for companies to adapt has never been more urgent. That said, some of those categories saw high growth in sustainability-marketed products sanitary napkins and laundry care were among the highest, at 150%. not how pretty the blush is. Some brands are even moving beyond simply eco-friendly and now seek to claim their products are climate-neutral. 2023 Nielsen Consumer LLC. 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%. Commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. 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. Companies have used this conventional wisdom as justification for not making their products more sustainable. Consumersparticularly Millennialsincreasingly say they want brands that embrace purpose and sustainability. 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). In a free market economy, it is very difficult to force people to pay more for products. "Our sustainability. They found that: 61% of consumers would be willing to pay more for eco-friendly DIY products. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. Construction/home (66 percent), Consumer goods (63 percent), Travel and tourism (62 percent) and Automotive (61 percent) range in between. 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. Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. Michele Koch By 2021, consumers are expected to spend $150 billion on sustainable goods. Carbon dioxide emissions in France 1970-2021, Share of e-commerce GHG emissions worldwide 2020, by source, Leading e-commerce delivery methods used in France 2021, Average product return rates among digital shoppers in Europe 2021. Mr Harrison says, however, that customers are becoming more canny. (1) Background: The pressure that agricultural systems' intensive management exerts on the environment concerns society. And investors should support companies in making the investments needed for the pivot. The firm has over 1,400 employees in 41 offices worldwide. 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. Sustainability-marketed products are growing quickly in almost all CPG categories. Saving biodiversity: why our mental and physical health depends on it. 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). Simon-Kucher & Partners, Strategy & Marketing Consultants: Simon-Kucher & Partners is a global consulting firm specializing in TopLine Power. Today, 50 percent of consumers rank sustainability as a top five value driver, said Dr. Andreas von der Gathen, co-CEO of Simon-Kucher. Social responsibility is a critical part of proactive reputation management. The relative importance of sustainability during the purchase process will continue to increase. Get full access to all features within our Business Solutions. Across industries, willingness to pay for sustainability is highest in Consumer goods (38 percent), and lowest for Energy/utilities (31 percent). 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. Chart. 315-409-9435 There are several reasons for this. But nearly 60% are unwilling to pay more money for that eco-friendly product. 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. This isn't a pipe dream. In 2015, Nielsen polled 30,000 consumers in 60 countries around the world. Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. .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. 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. 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. . 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%. Professor of Marketing and Consumer Behaviour, Queensland University of Technology. Commitment to social and environmental responsibility is surpassing some of the more traditional influences for many consumers. Those that had no such commitment grew less than 1%. For most of the history of the moderneconomy, the sourcing of products didn't even cross the minds of those shopping. The views expressed in this article are those of the author alone and not the World Economic Forum. Millennials gave an even more impressive showing, with 73 percent indicating a similar preference." 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. 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. Available: https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/, Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category, Available to download in PNG, PDF, XLS format, Breakdown of CO2 emissions in France 2021, by sector, E-commerce environmental impact worldwide 2019-2030, by type, Emissions from last mile delivery of non-food online purchases in Europe 2019, Ranking of 100 e-commerce websites, according to their carbon impact in France 2020, Share of consumers trying to avoid buying new goods worldwide 2022, Consumer attitudes towards sustainable brands and retailers in France 2022, Main reasons to buy secondhand items online in France 2022, Implementation of sustainability criteria in e-commerce businesses in France 2022, Consumer perception of sustainability improvements made in e-commerce in France 2022, Opinion on importance for companies to reduce greenhouse gas emissions France 2021, Main factors favoring Green Friday over Black Friday in France 2019-2021, Preferred delivery time among online shoppers in France 2021, Returns of online purchases by category in France 2022, Online shoppers mindful of the environmental impact of delivery 2022, by country, Willingness to pay for carbon neutral delivery in France 2021, by generation, Implementation of sustainable delivery by online retailers in France 2022, Main activities of cargo bike delivery companies in France 2021, Leading e-commerce and shopping websites in France 2022, based on visit share, Website traffic to selected recommerce marketplaces in France 2022, Bounce rate of selected web shops for secondhand purchases in France 2022, Revenue of Leboncoin.fr in France 2015-2021, Marketplace revenue of Cdiscount.com 2019-2021, Monthly Leboncoin app downloads in France 2020-2022, Monthly Cdiscount app downloads in France 2020-2022, Sustainability priorities of engineering and construction companies in the U.S. 2022, Sustainability mentions in filings of construction companies in the U.S. 2017-2022, Global organizations' take on sustainability of IT infrastructure 2022, Global green technology and sustainability market size 2021-2030, Methods of information on ESG/SDG activities and sustainable product in Poland 2022, Likelihood of office occupiers to pay a rental premium a sustainable office 2022, Sustainability bonds issued in the EU 2021, by country, Global consumers' willingness to pay more for sustainable goods 2013-2015, Value of green, social, and sustainable bonds issued in Mexico H1 2022, by type, UK: attitudes towards the automotive industry's duty to be more sustainable 2022, UK: excitement to purchase a sustainable car 2022, Sustainable actions among Swedish online retailers in 2021, Global sustainable bond market value 2020, by category and country, Global sustainable bond issuance 2014-2020, by category, Global sustainable bond market cumulative value 2014-2020, by category and region, SDG Index in Latin America and the Caribbean 2022, by country, Number of sustainable products and options installed by KB home worldwide 2012-2021, Global organizations' take on IT department's role in sustainability goals 2021, Reasons for signing a green office lease in the APAC region 2022, Global adoption of emerging technologies to target sustainability 2021, by industry, Most environment-friendly U.S. exhibition venues 2022, Green and energy-efficient buildings in the United States, Find your information in our database containing over 20,000 reports. Deloitte. Our analysis looked at products on-pack communication about their sustainability. Products must meet similar standards (ISO 14020 and ISO 14024). Says Gstalder: While marketing good deeds is encouraged and expected by consumers, authenticity and credibility are essential. These brands speak to consumers interest in aligning their shopping with their values: Hellmanns uses 100% cage-free eggs in its U.S. products, for example. Sustainability sentiment is particularly consistent across income levels. "Share of Consumers Who Were Willing to Pay More for Sustainable Goods in China as of November 2022, by Category. For years, brand managers have groused that while consumers say they intend to buy sustainable products, in store they dont actually purchase them. According to Nielsen, 66% of all consumers are willing to pay more for sustainable brands. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. Toilet tissue, facial tissue, milk, yogurt, coffee, salty snacks, and bottled juices were among those with the highest share in their category (more than 18%), while laundry care, floor cleaner, and chocolate candy had less than a 5% share. to incorporate the statistic into your presentation at any time. Green is the new black: why retailers want you to know about their green credentials. The survey reports that 58% of Europeans consider climate impact . Nielsen Currently, you are using a shared account. As economists say, as price lowers, our willingness and ability to buy an item increase. About a 3 minute read. 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. Businesses that under-appreciate the need for CSR do so at their peril. Jun 27, 2014 The willingness to pay for sustainable products has increased universally since 2011. Paying attention to public opinion on specific brands in the news or on social media. 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. Businesses are in a bind. Design When expanded it provides a list of search options that will switch the search inputs to match the current selection. Most important,. Millennials and Gen Z are becoming a force to be reckoned with as they continue to represent a larger share of the consumer demographic. Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph]. You can only download this statistic as a Premium user. This desire for sustainable products among Gen Z is robust. 2023 Nielsen Consumer LLC. 9. 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). What is the World Economic Forum doing about the circular economy? Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. Complete study findings are available upon request, including country splits. So while not all consumers will pay more for green climate-friendly products despite the best of intentions, we can slowly nudge them to make better choices for the planet. On the flip side, large global consumer-goods brands that ignore sustainability increase reputational and business risk. 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. You need at least a Starter Account to use this feature. January 18, 2023. Register in seconds and access exclusive features. As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . New York-based Nielsen forecasts the market to reach somewhere between $142.4 billion and $150.1 billion by 2021. Commercial research says 46% of consumers are more inclined to buy a product if it is eco-friendly. Both are good tools for building trust. As consumers become increasingly aware of what they put in and on their bodies, theyre also interested in buyingand sometimes paying morefor products that simultaneously help the environment. 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 . While companies are increasingly using environmental claims to appeal to consumers, they also attract greater scrutiny. 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. Millennials want to know what companies are doing to make the world a better place. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. "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. 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. COLORADO SPRINGS, US (ICIS)-Consumers are willing to pay more for sustainable products that can be recycled or reused, according to a new survey of 6,000 people worldwide by consultancy Accenture. But research continues to show few consumers who report positive attitudes toward eco-friendly products actually follow through with their wallets. Already in 2015, a Nielsen report found that 73 percent of the Millennial generation was willing to pay more for sustainable goods. 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. 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. 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