Some brands are wary of factoring being Eco Friendly into their strategy. But now climate change is less of a debate and more accepted as a crisis. Consumers are prioritizing the environmental impact of their purchasing decisions, according to new research from data insights company GlobalWebIndex.
While less than half of consumers said they’d pay more for sustainable, eco-friendly products in 2011, 57% say they would today. Moreover, 61% say they’re likely to switch brands if they realize theirs isn’t environmentally friendly.
“Consumers, especially the rising buying power of Gen Z, are choosing brands and directing their loyalty based on the eco-friendliness of packaging and product materialism”. Said Virna Sekuj, strategic insights manager, GlobalWebIndex. “This means brands are under immense pressure to not only adapt their materials but also to educate their consumers. With increasingly social-first consumers turning to digital platforms for guidance on who to trust and what to buy, brands must also make a conscious effort to spread the word about their commitments and reinforce accountability for themselves and their industries.