“Americans are very clear—they want sustainable solutions and are willing to pay more for them,” says GreenPrint co-founder Pete Davis.
Would you pay 5% more to know that you’re getting a product that is less harmful to the environment? Most would probably say yes, but what about 15% more? 50% more?
While the latter may be extreme, sustainability is shaping out a deciding factor for a large number of American shoppers.
A recent study by PDI branch GreenPrint found that 66% of Americans (and 80% of which are between the ages 18-34) would pay more in order to be reassured that whatever it is they’re buying is sustainable.
How Much Would You Pay For Sustainability? Most Don’t Know
As the study does not specify how much that “more” is, such numbers may offer more questions than answers. While some will be quick to say that they’d theoretically pay a few dollars more for a vague promise of sustainability, others will specifically seek out plant-based or fairly-sourced materials no matter the cost.
The study further found that 78% of Americans do not always know how to identify what is or isn’t sustainable despite theoretically being interested in being more eco-friendly when they shop.
But one trend that definitely comes through is that companies should ignore the demand for sustainability at their own risk.
69% of those polled said they made purchasing decisions based on the item’s environmental impact while 70% said recent news of wildfires, floods, and other environmental disasters made them more interested in buying environmentally-friendly products.
And if youth is an indication of the future, companies need to take heed of the fact that the numbers are even higher for the younger generation. Almost every percentage found in the study is even higher for those aged between 18 to 34.
“Americans are very clear — they want sustainable solutions and are willing to pay more for them, if only they knew how to find them,” Pete Davis, chief executive and co-founder of GreenPrint, said in a statement. “We are in the midst of a significant acceleration in public demand for sustainability, and companies that do not meet that demand will quickly fall behind their competitors, especially with young Americans.”
What Should You Do To Make Your Product More Sustainable?
The environment is such a concern that many are not even put off by inflation or the skyrocketing cost of gas. 64% of those polled said they would be willing to pay more for gas if the type they bought led to fewer carbon emissions.
For the record, a tank of gas averaged $4.17 across the country when the study was done and is at $4.897 now. Just a year ago, it was at $3.095.
But while these numbers may inspire some to slap an “eco-friendly” label on whatever it is that’s being sold and call it a day, that’s won’t work. Consumers increasingly see through what is genuine and what is a marketing attempt.
Only 38% of those polled said that they believe corporate claims of being eco-friendly, a drop from the 47% observed when GreenPrint did the study last year.
“Over the past year, public trust in the authenticity and effectiveness of companies’ sustainability efforts has eroded significantly,” Davis said. “[…] To win back trust, the data clearly shows Americans want companies to validate their sustainability claims through independent sources, both on the corporate level and for their products.”
