Nearly two thirds of consumers committed to sustainability despite cost-of-living pressures
Posted on in Business News
A new report from Shopify has shown that sustainability conscious shopping is on the rise. Consumer interest in green products has remained robust, despite inflation and other economic pressures.
The global survey of 24,000 consumers and 9,000 businesses undertaken last autumn found that 62% of shoppers said they would not cut down on spending on sustainable products and services despite ongoing economic uncertainty.
Moreover, 82% merchants’ businesses said they were confident sustainability measures were contributing to improved company performance.
Globally, a majority of consumers were found to be prioritising green goods, with 54% already claiming to be shopping sustainably by choosing retailers that offer carbon-neutral shipping, for example.
Consumers were also found to be proactively changing their behaviours to seek planet-positive options, with one-in-four looking for products that are recyclable, feature eco-friendly packaging or are local sourced.
Younger consumers were confirmed as the driving force behind the 'conscious commerce' trend, with 59% of Gen Z consumers and 61% of millennials claiming to shop sustainably. Moreover, almost one-in-three of both age groups said they planned to step up their green shopping this year.
Interest in green products is on the rise despite more than a third of consumers globally and 42% in the UK revealing they are curbing spending due to the cost-of-living crisis.
While shoppers welcomed sustainability initiatives - with almost half willing to pay extra to cut carbon and 26% claiming retailers that stand by their values have a better chance of retailing loyalty despite the cost-of-living crisis by sticking to their values - businesses warned that cost concerns remained a major barrier to the broader rollout of green products and practices.
"This report shows climate-consciousness is driving purchasing decisions, even in challenging economic times," said Stacy Kauk, head of sustainability at Shopify. "For both business and the climate, it's in everyone's interest to implement practices like carbon-neutral shipping and support for emerging sustainability solutions. This needs to be a collaboration between merchants, buyers, and the broader commerce community."