Nine out of 10 consumers say they will pay more for products manufactured by companies that are addressing social and environmental issues. Moreover, 84% of global consumers say they specifically look to purchase responsible products.
Consumers are making a positive impact on the environment through their purchasing patterns and behaviors. In an effort to make better decisions, they are checking labels before buying, investigating the manufacturing practices of suppliers and researching brands. Retailers are focusing on sustainability as well. In October 2016, Walmart renewed its commitment to push suppliers to use more sustainable packaging, concentrating on packaging optimization, increased recycling and sustainable sourcing. While this increased demand for sustainability may initially cause some manufacturers headaches, it ultimately could lead to increased profitability. A recent study by Nielsen (nielsen.com) found that 2015’s sales of consumer goods from companies committed to sustainability rose by 4%. Even more compelling, 66% of consumers say they are willing to pay more for sustainable brands – up from 55% in 2014 and 50% in 2013.