NORTHAMPTON, MA / ACCESSWIRE / October 11, 2023 / TriplePundit:Words by Andrew KaminskyOriginally published on TriplePunditIndicators suggest that the worst of the economic strain is behind us. And while
Originally published on TriplePundit
The U.S. Consumer Price Index for June 2023 saw the smallest monthly increase since 2021, signaling that inflation may have plateaued and offering consumers a bit of reprieve from the previous years' bank account blitz. Alongside price and quality, other purchase drivers include ease of use, customer support, availability and convenience, features and benefits, and sustainability. The final factor there, sustainability, is already top of mind for many consumers - and its relevance is quickly growing.
Based on a recent study by NIQ, 69 percent of global consumers say that sustainability and ESG concerns have increased in importance to them over the last two years. It's no surprise that the climate crisis has prompted many people to reevaluate their buying habits, but that's only part of the reason why sustainability issues are playing a more prominent role.
For millennials, 61 percent say that sustainability and ESG issues have increased in importance for them in the last 12 months. Across all categories, sustainability is a top-three purchase driver for 33 percent to 50 percent of these consumers. Aside from convenience stores, at least 10 percent of millennials ranked sustainability as the top purchase driver in all categories.
Consumers who care about sustainability are often willing to pay more and possibly even make a sacrifice on quality or convenience. But how much more will they pay, and how much else will they sacrifice? The answers to those questions vary depending on the product, industry, and consumer but are generally something like,"A little bit, but not too much."
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