We are learning that sustainability really matters to consumers. 51% of millennial consumers state that they check product labels for sustainability claims before buying a product. Furthermore, the data supports that not only are consumers looking for sustainability claims, they are also voting with their wallets. Sustainable products grew at four times the rate of products without a commitment to sustainability (Nielsen). A McKinsey study showed that 55% of consumers are willing to pay 15% more for sustainable packaging, and Nielsen reports that 66% of all consumers are willing to pay more for sustainable brands. Consumers are inspecting product labels for sustainability claims and supporting the brands that are sustainability focused–even if it costs them more.
Source: November 29th, 2018 from Forbes, Jeff Fromm