Amidst another summer of record breaking temperatures across the globe and concerns that the government is backsliding on their green pledges, millions of Brits have accepted they will need to expand their pockets to commit to climate action, admitting they are willing to spend up to 25 per cent more for sustainable products, according to a new poll from Yonder.
Still weathering the storm of high inflation, combined with the soaring cost of living, the nation has acclimatised to learned green behaviours adopted during the pandemic. In fact, observations from Britain’s leading sustainability consultants, SaveMoneyCutCarbon, note that despite high prices consumers’ eco habits adopted over the last few years remain consistent.
This comes alongside their proprietary research which shows that over two-thirds (66 per cent) of Brits agree maintaining eco habits to save precious pounds amidst inflation.
Independent research from SmartestEnergy backs this noting four out of five people describe themselves as more likely to choose a brand with a positive approach to environmental sustainability. Furthermore, 22 per cent (11.7 million) Brits will only support businesses that put sustainability at the forefront of their operation.
Witnessing these trends, Mark Sait, CEO of SaveMoneyCutCarbon, argues that British society is currently undergoing the largest behavioural shift seen in a generation, even as inflation slows, this learned behaviour persists.
Mark Sait, CEO of SaveMoneyCutCarbon comments on how inflation has affected sustainable behaviours: “Consumers continue to be battered by inflation but we’re finding that the eco habits adopted during the pandemic have remained strong.
“And independent research commissioned by SmartestEnergy backs this - 4 out of 5 people describe themselves as likely to choose a brand with a positive approach to environmental sustainability.
“They are much more selective about the eco products they choose and more careful about how much they are spending. The trend is more towards buying just enough and not being tempted by associated product offers. The impulse buy will return when inflation eases and people feel better off.
“Domestic consumers haven’t stopped being committed to reducing plastic use and creating less waste, along with the pressing need to cut energy and water use, taking control of rising bills.
“For example, in announcing an extension to the single-use plastics ban in January, the Department for Environment, Food & Rural Affairs (Defra) said that over 95 per cent of those who responded to its consultation were in favour of the further restrictions.”
A report by First Insight in collaboration with the University of Pennsylvania found that there was a wide knowledge gap between retail executives and their consumers when it came to the demand for sustainable retail with the onus of sustainability largely falling on the consumer.
If consumers are willing to pay a premium for ethical retail, there is no losers in adopting sustainable practices. Futhermore, as ESG credentials become more important to investors and consumers alike, embracing sustainability won’t just protect the planets future but also the future of many businesses.
By Mark Adair – Correspondent, Bdaily.
