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26 January 2024 / Brief
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Copy LinkConsumers like to buy sustainable products and services, but many aren’t willing to pay a price premium. For consumer goods, that premium is still 27.6% over conventional equivalents, although it has been declining. The extra cost may negatively impact purchases of sustainable goods, especially during economically weaker times.
Indeed, 62% of the 2,061 respondents to The Conference Board-Harris Poll Sustainability Insights Survey—and even more Gen Z and millennial consumers—say that high inflation has reduced their interest in buying sustainable products and services. While these self-reported attitudes might not reflect actual behavior, they challenge companies to review their operating costs and pricing strategies to better meet consumers’ willingness to pay.
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