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Future brand growth will come from being sustainable AND affordable
SustainabilityEnvironmental & social issues
Most people around the world want to live in a more environmentally conscious way, but a cost of living crisis and the perception that sustainable products are more expensive means that it is only the wealthy who are able to do so – it’s a missed opportunity for brands.
The latest Sustainability Sector Index from market researcher Kantar, based on 33,000 interviews around the world and mapped against the UN sustainable development goals, shows that:
68% globally believe that products that are better for the environment and society are more expensive;
65% want to do more to be more mindful of the planet and the environment, but the increased cost of living prevents them from doing so.
Why it matters
The big business opportunity, Kantar believes, is to stop sustainability being the preserve of the better off and to scale up. Brands need to go to market at a price point that more people can afford: being sustainable and mass market is the engine for future business growth.
Only a third (35%) of consumers who are ‘struggling’ with the cost of living actively seek out companies and brands that offer ways to offset their impact on the environment compared to 53% of those who are financially ‘comfortable’;
42% say they don’t know where to find sustainable / ethical products;
57% feel it is hard to tell which products are good or bad ethically or for the environment;
20% assert that the brands they like offer ethical/sustainable versions of their products (even if they don’t necessarily buy them);
47% say they have stopped buying certain products/services because of their impact on society or the environment, a figure that rises to 73% among ‘eco-active’ consumers.