Will consumers ever get over the price hurdle for sustainable goods?

December 9 2021 by Tom Ryan for Retail Wire

Despite heightened awareness over climate change threats in recent years, surveys continue to battle it out over how much of a premium consumers are willing to pay for sustainable goods.

A recent survey of 3,000 U.K. consumers from Asda, for instance, found 55 percent prepared to make significant lifestyle changes to reduce their carbon footprint, including recycling (89 percent), turning off lights or devices when not using them (84 percent) and driving less (52 percent).

Fifty percent, however, say they are not prepared to pay more for greener everyday items such as milk and bread. Seventy-six percent said lower prices would help them shop more sustainably.

... A July survey from First Insight and Wharton’s Baker Retailing Center of more than 1,000 U.S. consumers found 68 percent willing to pay more for sustainable products, up from 58 percent from a survey taken in 2019. The improvement was attributed to heightened eco-consciousness from older generations.

“The global pandemic caused many to rethink their consumption and its impact on the health of the planet, yet Gen Z have been consistent in remaining true to their sustainability values while also educating and influencing the generations that came before them,” said Greg Petro, CEO of First Insight, in a statement.

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pricing  value  Gen Z  online survey  Survey Results  Report  sustainability  state of consumer spending report  CONSUMER REPORT  Consumer Survey  sustainable

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