First Insight’s recent report found that 72% of consumers consider sustainability in purchasing decisions.
Retailers need to pay attention to consumers' sustainability preferences, as it can bolster authenticity, loyalty, and revenue. Two-thirds of consumers would pay more for sustainable items. Whereas two-thirds of retailers believe consumers are not willing to pay more for sustainable brands.
Three-quarters of consumers prioritise product sustainability over the brand name, while 94% of retailers believe brand name is more valuable to customers. Retailers believe brand-operated resale/re-commerce programs are the least popular type of sustainable purchasing format.
However, 41% of consumers reported shopping from brand resale/re-commerce programs. 54% of consumers shop resale because they care about the environment and want sustainable or circular shopping. While 100% of retail executives say customers rank them low on transparency, 59% consumers think retailers are adequately transparent.
[2 minute read]