4 Key Insights for Climate Conscious Brands: Lessons from the 2023 Sustainability Survey
We’re excited to share some insights from a new survey that sheds light on how sustainability is impacting consumer purchase decisions. The survey, conducted by Blue Yonder, provides some valuable information for those of us working in the climate tech and sustainable industry.
Firstly, it's great to see that almost half of the respondents (48%) reported an increased interest in sustainability over the past year. And while 69% said they were willing to pay more for sustainable products, the survey also found that there are limits to how much consumers are willing to pay. In fact, only 4% of respondents across all age groups were willing to pay 20% more for eco-friendly products.
Interestingly, respondents were most willing to pay a premium for eco-friendly products that would heavily impact their day-to-day lives, such as apparel (30%), cleaning products (27%), and beauty products (19%). And while price was the most important factor in determining whether to make a sustainable purchase for almost six in ten (58%) respondents, almost eight in ten (78%) were willing to wait up to a week for a delayed delivery in favor of an environmentally friendly shipment.
It's also worth noting that the survey found that more than half of respondents (56%) were indifferent or not sure whether they could trust brands’ sustainability claims related to their manufacturing, supply chain, or recycling/waste practices. However, consumer reviews carry the most weight in their green purchasing decisions for 32% of survey respondents.
Lastly, the survey found that the top three overall categories consumers have switched loyalty or will consider switching for are household products (65%), food products (57%), and beauty & wellness (49%). This is valuable information for those of us working in the sustainable industry as we look for ways to attract and retain customers.
The survey was conducted in February 2023 and included responses from over 1,000 U.S.-based consumers, 18 years and older, via a third-party provider. It's clear from these findings that sustainability is an important consideration for many consumers, and that there are opportunities for those of us in the climate tech and sustainable industry to meet their needs and preferences.