Capterra Says Consumers are Willing to Pay More for Sustainable Products Despite Inflation
•2 min read
by KnowESG
Since 2021, consumer knowledge of product sustainability has increased, demonstrating that it has become the norm rather than the exception. 84% of consumers claim they have bought a sustainable product in the last six months, up from 67% in 2021.
Overall, consumers are willing to accept that developing sustainable products costs more. From 2021 to 2022, consumer willingness to spend more on sustainable products increased by an average of 8%.
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While sustainable shopping has grown in popularity among consumers of all ages, Gen Z has played a vital part in propelling this trend as their spending power has increased. They are more willing to pay higher prices for sustainable products and are more inclined to buy them. In the last six months, the majority of Gen Z customers (90%) had purchased a sustainable product, compared to 78% of Baby Boomers.
Olivia Montgomery, the associate principal analyst at Capterra, said:
"To meet growing consumer demand for sustainability, businesses should consider their target demographic and the sustainability factors that are most important to them. These consumer insights can help businesses determine how and the rate at which they make improvements to product development and procurement strategies.”
The majority of consumers (88%) say they check a product's sustainability before making at least some purchases. The most typical features shoppers look for when shopping are sustainability concerns, such as product material and packaging. While physical characteristics are easier to look for at the moment of purchase, the proportion of consumers who check for fair wages (22%) and ethical treatment of workers (20%) has nearly doubled since last year.
Consumers primarily value sustainability in products that are simple to use and dispose of. Among all categories examined, food and beverages (60%), apparel and textiles (55%), and electronics (38%) have the highest number of customers who think sustainability is a top focus.
Source: Business Wire
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Since 2021, consumer knowledge of product sustainability has increased, demonstrating that it has become the norm rather than the exception. 84% of consumers claim they have bought a sustainable product in the last six months, up from 67% in 2021.
Overall, consumers are willing to accept that developing sustainable products costs more. From 2021 to 2022, consumer willingness to spend more on sustainable products increased by an average of 8%.
READ MORE: Top 20 Best Thrift Shops Online for Fashion Deals
While sustainable shopping has grown in popularity among consumers of all ages, Gen Z has played a vital part in propelling this trend as their spending power has increased. They are more willing to pay higher prices for sustainable products and are more inclined to buy them. In the last six months, the majority of Gen Z customers (90%) had purchased a sustainable product, compared to 78% of Baby Boomers.
Olivia Montgomery, the associate principal analyst at Capterra, said:
"To meet growing consumer demand for sustainability, businesses should consider their target demographic and the sustainability factors that are most important to them. These consumer insights can help businesses determine how and the rate at which they make improvements to product development and procurement strategies.”
The majority of consumers (88%) say they check a product's sustainability before making at least some purchases. The most typical features shoppers look for when shopping are sustainability concerns, such as product material and packaging. While physical characteristics are easier to look for at the moment of purchase, the proportion of consumers who check for fair wages (22%) and ethical treatment of workers (20%) has nearly doubled since last year.
Consumers primarily value sustainability in products that are simple to use and dispose of. Among all categories examined, food and beverages (60%), apparel and textiles (55%), and electronics (38%) have the highest number of customers who think sustainability is a top focus.
Source: Business Wire
For more social and governance news
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