Great news for sustainable businesses
New consumer research on sustainability is allaying fears that going green is taking a back seat during the cost of living crisis.
According to the most recent NielsenIQ survey, over two-thirds (69%) of consumers believe sustainability is more important to them than it was two years ago.
Along with that, 30% cited personal experience with extreme weather events as the reason.
Therefore, it appears that a growing number of consumers are taking some steps to live more sustainably.
For example, one in every two use their own shopping bags, avoid waste, and reduce their electricity consumption.
With that being said, global consumers say that cost (41%), access (35%), and a lack of clarity (26%), prevent them from adopting more sustainable lifestyles.
New consumer research on sustainability shows positive results
The above findings appear in the new report from NielsenIQ which focuses on the impact of climate change on business and consumer attitudes.
Entitled ‘The Changing Climate of Sustainability’ the report has a detailed look at both consumer attitudes and the other drivers behind sustainable change.
According to the study, two forces will cause rapid change over the next five to ten years.
These forces are the role of governance in enforcing sustainability and the skyrocketing costs of climate change on value chains.
Accordingly, companies, manufacturers, brands, and retailers are being driven to change and commit to truly sustainable business models.
As well as this, the new consumer research on sustainability shows going green is more valued by consumers in a number of areas.
Global and UK consumer research on sustainability
- 79% of respondents from around the world said they would be very inclined to choose a specific retailer if they had a larger range of environmentally friendly products.
- 78% of customers say businesses should be required to provide complete supply chain transparency. This means consumers can make knowledgeable decisions.
- 76% of consumers demand that businesses take action to lessen their environmental impact.
- Consumers who felt sustainability was more important in the past two years cited several reasons for this.
- These include the constant media attention it receives (54%). Also their increased knowledge of the topic (48%). Finally the potential impact of climate change on their health and safety (47%).
- 70% are more likely to stop buying if a brand is found guilty of greenwashing. This is compared to the global average of 77%
- 55% of consumers in the UK believe that leading a sustainable lifestyle is vital for society and that they make efforts to do so whenever possible.
- A higher percentage of 22%, than five years ago (16%), now find it challenging to shop for groceries in a sustainable manner.
- 1 in 5 people place high importance on sustainability in their daily life.
Our thoughts about the new consumer research on sustainability
“Consumers are looking for retailers and brands to help them.
81% of respondents globally are likely to choose a retailer that incentivizes or rewards sustainable choices.
As well as this, 79% are likely to choose a retailer if they offered a wider assortment of sustainable options.
So there are real impactful opportunities for retailers to deliver on consumer expectations when they make the effort.
From a brand perspective, consumers want brands to help their sustainable efforts by ensuring sustainable products that are more competitively priced.
We are entering a new era of transparency where companies will need to recalibrate their pack and brand communications.
Ensure that any claims made are accurate, transparent and can be validated, or else face both the financial and consumer repercussions.”
Nicole Corbett, Vice President of Global Thought Leadership at NielsenIQ
Play It Green thoughts
“The new consumer research on sustainability shows there is a huge opportunity for company owners to make their business a force for good.
By doing this they capitalise on the wave of changing values and expectations as sustainability increases in importance to consumers.
Combined with incoming legislation and a desire for transparency, truth and honesty, businesses that embrace the change will most certainly reap the rewards.
On top of this, consumers demand meaningful engagement and authenticity.
It follows that companies will stand out from the competition in relevance and will foster enduring loyalty if they can demonstrate a deep awareness of, and connection to, consumer ideals.
And the biggest threat to a business in 2023 is not embracing sustainability.
Make your business a force for good, as if you don’t you will be playing catch-up for a long time!”
Richard Dickson, Co-Founder at Play It Green
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