NielsenIQ & McKinsey Survey: Consumers’ Concerns and Purchasing of Sustainable Products
In recent years, there has been a growing global concern about the impact of human activities on the environment. This concern has led to an increased demand for sustainable products that are produced in an environmentally friendly and socially responsible manner. To gain insights into consumers’ concerns and purchasing behavior regarding sustainable products, NielsenIQ and McKinsey conducted a comprehensive survey.
The survey, which involved over 10,000 consumers across 30 countries, aimed to understand consumers’ attitudes towards sustainability, their motivations for purchasing sustainable products, and the barriers they face in adopting more sustainable consumption habits.
One of the key findings of the survey was that consumers are increasingly concerned about environmental issues. Over 70% of respondents stated that they are willing to pay more for products that are environmentally friendly. This indicates a significant shift in consumer behavior, with sustainability becoming a key factor in purchasing decisions.
The survey also revealed that consumers’ concerns extend beyond just environmental issues. Social responsibility and ethical sourcing are also important considerations for consumers when making purchasing decisions. Over 60% of respondents stated that they are willing to pay more for products that are produced in a socially responsible manner, such as those that ensure fair wages and safe working conditions for employees.
When it comes to the factors that influence consumers’ purchasing decisions, the survey found that product quality and price remain the top considerations. However, sustainability is increasingly becoming a deciding factor for consumers, especially among younger generations. Over 50% of respondents aged 18-34 stated that they actively seek out sustainable products when making purchases.
Despite the growing demand for sustainable products, the survey identified several barriers that hinder consumers from adopting more sustainable consumption habits. The most common barriers include limited availability of sustainable products, lack of awareness about sustainable options, and higher prices compared to conventional alternatives. These barriers highlight the need for businesses to invest in sustainable practices and communicate their efforts to consumers effectively.
The survey also highlighted the importance of transparent and credible labeling for sustainable products. Over 70% of respondents stated that they rely on product labels to determine the sustainability of a product. This emphasizes the need for standardized and trustworthy labeling systems that provide clear information about a product’s environmental and social impact.
In conclusion, the NielsenIQ and McKinsey survey provides valuable insights into consumers’ concerns and purchasing behavior regarding sustainable products. It reveals a significant shift in consumer attitudes, with sustainability becoming an increasingly important factor in purchasing decisions. However, there are still barriers that need to be addressed, such as limited availability and higher prices. Businesses must recognize the growing demand for sustainable products and take proactive steps to meet consumer expectations. By investing in sustainable practices, improving product labeling, and raising awareness, businesses can tap into the growing market for sustainable products and contribute to a more sustainable future.
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