New research from Wharton Baker Retailing Center, First Insights finds spending elasticity
PITTSBURGH – Retail executives’ perceptions about consumers and sustainability are off the mark, according to a new report from the Baker Retailing Center at the Wharton School of the University of Pennsylvania.
The study, conducted in partnership with First Insight, found a misalignment between what’s important to consumers and what retailers believe they value.
Among the key takeaways:
- While 68% of consumers say that they would pay more for sustainable products, 66% of retailers believe that consumers would not.
- Almost three-quarters of consumers (72%) said that sustainability is a very or somewhat important a purchase consideration, with only 51% of retailers believing the same.
- Nearly 75% of consumers value product sustainability over brand name. But 94% of retail execs said...