Many Consumers Willing to Pay More for Sustainable Products

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Adi Ahdiat 17/05/2024 14:30 WIB

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According to a PwC survey, approximately 75% of global consumers are willing to pay more for sustainable products.

Proportion of Respondents Willing to Pay 5% More for Sustainable Products (2023)

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Proportion of Respondents Willing to Pay 5% More for Sustainable Products (2023)

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According to the United Nations Environment Programme (UNEP), a sustainable product is a commodity—goods or services—that offers long-term economic, social, and environmental benefits.

A PricewaterhouseCoopers (PwC) survey reveals that many consumers are willing to pay more for products meeting these criteria.

Of approximately 8,900 global consumer samples, 80% were willing to buy locally-made sustainable products that cost 5% more than comparable unsustainable products.

Furthermore, 78% were willing to pay extra for products made from recycled or eco-friendly materials.

Many consumers also indicated a willingness to pay more for products with a low carbon footprint, transparent production processes, biodegradable properties, and originating from companies with ethical business practices.

"This should be good news for companies looking to increase product prices without sacrificing their commitment to sustainable practices," stated the PwC team in their report.

Based on this data, PwC believes companies need to effectively communicate the benefits of their sustainable products.

"Transparency can be key to building trust within this growing consumer segment," they added.

PwC conducted this survey in February 2023, polling 8,975 consumers across 25 countries, including large populations such as India, China, the United States, and Indonesia.

All respondents were 18 years or older and had made online purchases within the past year.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Many Consumers Willing to Pay More for Sustainable Products

Many Consumers Willing to Pay More for Sustainable Products

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