An ING Research study notes that consumers believe their choices and behaviours can make a positive impact on addressing global environmental challenges.
The study found that 61% of global consumers are less keen on purchasing products from companies that perform poorly on environmental practices. Further, 48% of consumers aged below 34 say they will boycott a food brand if it fails to address environmental issues.
However, 49% of consumers say they’re willing to pay more for products made in an environmentally friendly manner. While this is encouraging, the report highlights that consumer attitudes on brands and the environment have reached a “tipping point”.
A lack of knowledge about the “circular” economy seems to be undermining the best intentions. This piece states that companies wanting to realise the potential of circular models must align their strategy to consumer preferences.
[2 minute read]