According to a study, consumers in North America and Asia want eco-friendly packaging.
- Before purchasing products, consumers often look at the company’s environmental footprint.
- There are nine industries that can be chosen from and 1 in 4 respondents felt the chemical industry was the most concerned about the environment.
- 77% of respondents stated that plastic packaging is the least environmentally friendly. The most sustainable material was paper.
- This article was written for business leaders who wish to understand current consumer trends in sustainable packaging and products.
mediaindonesia.net– Scientists from all over the globe agree that climate change is a serious problem. The Breakthrough National Centre for Climate Restoration, Melbourne, Australia, recently estimated that there could be a “near to mid-term existential danger to human civilization” within the next 30 years if this issue is not addressed. A survey conducted by The Economist found that consumers think brands are just as responsible as governments for creating positive environmental change. [Related to How Does Corporate Social Responsibility Work?
According to The Economist Intelligence Unit, online searches for sustainable products have increased by 71% over the past five years. In ways they didn’t previously notice, consumers are now engaging with sustainable businesses. This trend isn’t limited to first-world nations. Concerns about climate change are also a major factor in consumer satisfaction in emerging and developing economies. Many want businesses to take action to protect nature and its systems. Companies like PayPal have shown that values social responsibility and set an example for customers and employees.
A McKinsey & Co. survey found that 66% of respondents and 75% millennials say they think about sustainability when making a purchase. Customers are now more likely to choose brands that align with their values and prioritizes. Businesses must do their part in reducing their carbon footprint, as environmental stability is a top priority for many.
Product environmental impacts are important to consumers
Although the data indicates that more customers form relationships with brands who pay attention to the environment, Accenture ‘s researchers quickly pointed out that quality and affordability were still the primary driving factors behind the vast majority of purchases.
89% of respondents said that they were most concerned about the quality of a product before purchasing a product. 84% stated that price was the second most important factor. Researchers found that 49% of respondents cited safety and health as important factors before purchasing a product. 37% also cited environmental impacts.
Researchers also found that 72% of respondents said they were buying more environmentally-friendly products than five years ago. 81% reported they expect to purchase more in the next five year.
Accenture’s managing director of strategy, sustainability and marketing Jessica Long stated that the shift in consumer purchasing with more consumers willingly paying more for environmentally-friendly products reinforces the need to strengthen companies’ commitments to responsible business practices. “Companies from all industries have begun to lead with purpose. They are embracing the circular economy as an opportunity to drive growth, and compete agility.
The impact of plastics and chemicals on the environment is being questioned by consumers
The survey results show that consumers are becoming more aware of the packaging of their products.
Nearly 1 in 4 respondents, or 26%, stated that they think the chemical industry is least concerned about the environment. The chemical industry was also ranked lowest by respondents in terms of communicating how their products impact the environment. 72% said they were not very confident or not at all.
The global chemical industry is a key driver of recycled and reused materials. Some of the largest companies in the chemical industry are responsible for manufacturing plastics, which is widely considered a major pollutant worldwide. Below are some eco-friendly ideas for entrepreneurs.
Rachael Bartels is a senior managing director at Accenture and leads the chemicals and natural resource practice. “While some survey results are encouraging, there can also be implications for chemical companies. The circular economy is dependent on the chemical industry as a key enabler. It can accelerate its adoption. But the truth is that the industry must act now to avoid being left behind.
77% of those surveyed said plastic when asked which packaging material is most environmentally friendly. 55% of respondents deemed paper the most eco-friendly.
Officials from the American Chemistry Council (ACC), estimate that plastics’ recyclable nature could lead to 38,500 new jobs, and billions in economic growth if the chemical industry is able to rise to the occasion. The ACC stated that it could achieve this by “expanding the usage of pyrolysis” and other advanced plastic recycling technology.
Consumers want to live sustainably, and they expect businesses to help them do that. Many consumers are open to switching companies or brands if they don’t agree with their ethical values. These transgressions can also be brought up in public forums by consumers. Many consumers use social media for their complaints and concerns. Some even protest companies at their locations. Companies shouldn’t ignore loyal customers and their concerns. They could lose sales and face backlash. [Related to How To Drive More Sales ]
Profitable products that are sustainably sourced also offer the possibility of making a profit. These products accounted for approximately 56% of the UK’s market value in 2019, or PS41 billion. Since 2018, India’s sales of organic and sustainable products has increased by 13%
Industries and companies listen to what their customers want. More than 50% of the top executives in fashion and textile have claimed that consumers are driving their brands towards sustainable products and best practice. Many of these companies have been sourcing sustainable raw materials to make their apparel.
Food, cosmetics and pharmaceutical industries have also seen a growing trend to source organic and sustainable materials. These industries are making an effort to use sustainable materials. The consumer has the power to influence entire industries and have a positive impact on their market.