Consumers Worldwide Prioritize Sustainability, Driving Business Shift
Consumers worldwide are increasingly prioritizing sustainability, with a shift towards considering social and economic goals alongside environmental ones. A recent study reveals that 46% of consumers now focus more on these aspects, while 39.5% still prioritize environmental issues.
Trust in organizations' sustainability claims has grown, with 42.4% of consumers expressing some or complete trust. This shift is evident across various categories, including pet food, with 80% of U.S. consumers considering sustainability in their food purchases.
The willingness to pay more for sustainable products is also on the rise. Among different age groups, 73.2% of 18-to-29-year-olds, 58.5% of 30-to-44-year-olds, and 52.7% of 45-to-60-year-olds are likely to do so. Notably, nearly 54% of consumers consider sustainability in their food very or extremely important. This trend is particularly strong among younger consumers, with 65.4% of 18-to-29-year-olds and 60.6% of 30-to-44-year-olds sharing this view.
Major companies like Nestlé, Unilever, Danone, and McDonald's are taking note, with a recent survey showing they consider social and economic goals, along with environmental protection, very important. Consumers also value companies' commitment to addressing the environmental footprint of ingredients (44.1%) and animal care and welfare standards (41.5%).
The growing consumer awareness and demand for sustainability present significant opportunities for businesses to adopt more sustainable practices. As more consumers, particularly younger ones, are willing to pay a premium for sustainable products, companies that prioritize sustainability may gain a competitive edge.
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