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Insight of the Day: Most shoppers still willing to pay extra for sustainability, despite cost-of-living hike

The article highlights a growing global trend where consumers prioritize sustainability in their purchasing decisions, even amidst rising living costs.

Key findings from the PwC survey:

  • Willingness to pay a premium:  A vast majority (80%) of consumers are willing to pay more for sustainably produced goods, despite concerns about inflation and rising living costs.

  • Average premium: Consumers are willing to pay an average of 9.7% more for environmentally friendly products.

  • Factors influencing sustainable choices: Consumers prioritize factors such as production methods, recycling efforts, eco-friendly packaging, and the positive impact on nature and water conservation when assessing a product's sustainability.

  • Actions taken by consumers: Consumers are actively changing their behavior to shop more sustainably, including making more conscious purchases, altering their diet, adjusting travel habits, and adopting eco-friendly transportation.

Key takeaways:

  • Sustainability as a priority: Consumers are increasingly prioritizing sustainability in their purchasing decisions, even in the face of economic challenges.

  • Balancing affordability and sustainability: Companies need to find a way to balance affordability with environmental impact to attract and retain consumers.

  • Consumer-led climate action: Consumers are not just talking about sustainability, but are actively taking steps to reduce their environmental footprint.

This trend presents both challenges and opportunities for businesses. While the demand for sustainable products is evident, companies must find ways to make them affordable for a wider range of consumers. Additionally, they need to be transparent about their sustainability efforts to gain consumer trust.

Overall, the survey findings demonstrate a strong consumer-led movement towards sustainability, which is likely to continue shaping the market and influencing business practices in the years to come.

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