Eco-Conscious Consumer Trends
Jul. 7 2022
What are they and tips on how to overcome
Sustainability GROWING IN importancE FOR CONSUMERS
Over the past decade sustainability has progressed from a vision of possibility to expectation. Recent statistics show that 50% of purchasers incorporate sustainability as a top 5 factor in their selection criterion. Just one example of the vital role sustainability plays in product or service differentiation, value and choice.
The role of sustainability in consumer decisions has also influenced 85% of consumers to actively pursue a greener purchasing lifestyle. This commitment to sustainability has formed a new purchasing criterion among consumers, particularly in the fields of energy as well as consumer, technology and mobility products.
ECO CONSCIOUS CONSUMER TRENDS VIDEO
When analyzing the data further, it is evident that the key contributors to this trend lie with Gen Z and Millennials. In recent years, out of 85% of consumers who have transitioned to sustainable purchasing practices, almost 40% are millennials. And sustainability has further influenced the younger generations' spending budgets. Investigations found 34% of consumers are willing to pay more for these products. Gen Z (32%) and Millennials (31%) represent the largest groups willing to pay up to and over twice the price for premium sustainability products
Sustainability importancE FOR BRANDS
Sustainability is not only a critical requirement for consumers but also for brands. According to research, brands with high ESG ratings have a significantly higher margin than brands with a lower ESG rating. This increases their shareholder returns, resulting in a Retail Revolution where Companies pledge to generate green revenue by committing to reduce carbon emissions, using Offset emissions in forestry, landfill gas capture, solar and wind projects.
There is a special shift moving from fast fashion to sustainable fashion with major brands and suppliers focusing on developing a green supply chain for clothing & textiles from sustainable, recyclable materials and using only recyclable or reusable packaging.
The Business Sustainability Index 2022, determined 46% of the American consumers surveyed believe it's critical to have third-party verification companies to validate company claims. This is primarily due to significant levels of false claims resulting in only 38% of Americans trusting the claims.
Another startling fact is that in one study the European Commission determined that 42% of cases of green labels on Consumer Goods contain exaggerated, false or deceptive claims. Trusted third-party verification is fast becoming a necessity in rebuilding a sense of trust between consumer and brand.
BUREAU VERITAS' SOLUTION
At Bureau Veritas we strive to meet and exceed the demands of our customers to verify ethically produced green products are produced with the aid of our comprehensive sustainability suite of services.
Our sustainability services address consumers' key needs: Environmental, Social and Governance
- Responsible Materials
- Climate & Energy
- Consumer Safety and Information
- Supply Chain Due Diligence
- ESG Program Management