Sustainability is at the forefront of consumers’ minds and is influencing both their purchasing decisions as well as their personal shopping budgets.
As a part of the 2019 Retail and Sustainability Survey from CGS, over 1,000 US individuals between the age of 18 and 65 plus were asked questions about their purchasing habits, and their preferences for sustainability. The survey indicated that over two-thirds of respondents considered sustainability when making purchasing decisions.
The consumer group leading the charge in sustainability is Generation Z, whose results indicated a preference for sustainable products over cheaper but less eco-friendly alternatives. This group of consumers have shifted their focus, from price to sustainability, presenting a unique opportunity for brands to expand their environmental consciousness without taking such a substantial financial hit. 50 percent of the Gen Z individuals surveyed expressed that they would be willing to pay more for a sustainable product. This was compared to a response of 47.3 percent from the remaining participants.
Generation Z is defined as those born between the mid-nineties and early 2000s, making them a small demographic, but one whose purchasing power is on the rise.