Research Shows Consumers Willing to Pay Up to 5% More for Environmentally Friendly Products
Toluna, a consumer intelligence provider, has issued a new report highlighting consumer desire to support brands that protect the environment. The report, which surveyed 1,000 US consumers, follows on the heels of the recent UN Climate Action Summit and simultaneous Global Climate Strikes, found that the importance and perception of sustainability among consumers is increasing. The research confirmed 37% of consumers are seeking out and willing to pay up to 5% more for environmentally friendly products and are actively changing their shopping behavior to do so.
At a time where consumer attention to the environment is heightened, and more than half of respondents of all ages declared that they are either “very” or “extremely” environmentally conscious, the Toluna 2019 Sustainability Report found that respondents expect companies to do their part to help solve the climate crisis. Fifty-one percent of respondents said that companies creating more eco-friendly processes is more important to changing consumer behavior than government or local regulations.
Thirty-four percent of respondents feel that it is very likely that concerns about environmentally friendly packaging will continue to grow over the next year and flag the next potential materials to be reconsidered by manufacturers will include foam packaging (42%), single-use drink containers (39%) and plastic rings (35%).
Other key findings from the report include:
- For consumers aged 18-34, 45% indicated that it is extremely important to purchase goods that are produced in an environmentally friendly way. However, only 14% of respondents aged 55-and-over indicated the same, with 45% of that same demographic indicating that they would pay up to 5% more for environmentally friendly goods.
- Consumers are more likely to purchase specific items from brands that are environmentally friendly, including cleaning products (42%), drinks (37%), pre-packaged food (35%), cosmetics and toiletries (34%), clothing (31%), and cars (29%).
- More than a third of respondents feel that it is very likely that concerns about environmentally friendly packaging will continue to grow over the next year.
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