An Eco-Friendly World for Brands and Consumers
We recently discussed our market research predictions for 2019 in our blog, one of which coming from our Project Assistant, Alicia who believes much more research will be conducted into eco-friendly products and services. Following from this, we’ve decided to take a deeper look into the rise of environmental awareness amongst brands and consumers.
Environmental degradation has hit headlines a lot recently with global warming levels rising, air quality declining and animal populations decreasing, and it hasn’t gone unnoticed. Consumers are starting to take charge and shift the way that they’re spending in order to combat it before it’s too late.
According to GlobalWebIndex, 70% of people say that consumers are the most responsible when it comes to the future of the environment with 33% saying that the responsibility lies with brands and advertising institutions. But what are both consumers and brands doing exactly? And how are these actions affecting purchasing habits in the U.K?
People aged 22-35 years old are often considered to be the driving force behind the recent environment changes with many adapting their lifestyle choices and this is shown as the number of participants signing up to Veganuary has doubled year on year.
When it comes to paying more for eco-friendly products, millennials come out on top with 61% agreeing they’d spend more. Gen Z are hot on their heels with 58% and if this generation are following in the footsteps of millennials, then it’s highly likely we’re only going to see this economic change continuing well into the future.
If it’s the consumers habits that are making the biggest difference then the brand’s need to make changes too as consumers are not only expecting brands to manifest ethics within their businesses, but also take responsibility to join the conversation. Only then will the economic movement as a whole be strengthened.
A recent survey by IRI into European Shopper Insights has stated that 73% of British shoppers prefer to buy products with environmentally-friendly packaging. In recent months we’ve seen big brands like Coca-Cola, Evian and McDonalds make changes with their packaging and if other brands don’t start to make these sustainable changes, they’re missing out on a big group of consumers.
Even the smallest of changes, like McDonald’s swapping plastic straws for paper, can make a difference on the environment but brands need to start thinking further as a third of consumers are now buying from brands based on their environmental impact, according to Unilever.
Consumers have the right to change the world for the better and it’s clear to see that brands are now making the change to join them. Here at BEAM we conduct research within the health and wellbeing industry and we can certainly expect to see the eco-friendly trends feature predominantly within this and continue to take over.
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