The Future of Sustainability amid the Cost of Living Increase

In our last week’s blog, we explored how the cost of living crisis is influencing consumer choices right now. This week, let’s delve into what the future holds for sustainability amidst this challenging economic backdrop.

A Concerned Consumer Base

Despite the increasing cost of living, consumers haven’t abandoned their concern for the environment. According to Edie, 64% of consumers consider the environment a long-term concern that they are still planning for. This indicates that sustainability remains a priority for a significant portion of the population, even during economic hardships. Moreover, 54% of consumers view the economic challenges as short-term concerns, underscoring their enduring commitment to sustainability.

Even when financial constraints limit purchasing power, consumers continue to make sustainable choices such as reusing items or opting for second-hand purchases. This behavior demonstrates a resilient dedication to sustainable practices, despite economic pressures.

A Focus on Brands and Retailers

Consumers hold brands and retailers accountable for advancing sustainability initiatives. A substantial 65% of consumers expressed the desire for brands and retailers to do more to support sustainable shopping practices. Specifically, consumers are keen for companies to reduce waste through sustainable packaging and increase offerings of locally sourced products to minimize food waste and transportation emissions.

Transparency is crucial in consumer decision-making regarding sustainability. Many consumers feel uninformed about the sustainability attributes of products, which hinders their ability to make sustainable choices. They prefer clear labeling and visible sustainability logos on products both online and in-store. This clarity helps consumers identify and support sustainable options effectively.

Expectations for Progress

Consumers’ expectations of brands and retailers have evolved significantly. Approximately one-third of consumers now expect more from companies regarding sustainability compared to their expectations in 2020. This shift reflects a growing demand for proactive sustainability efforts and transparency from businesses.

Conclusion

Despite the challenges posed by the cost of living crisis, consumers remain steadfast in their commitment to sustainability. They expect brands and retailers to play a pivotal role by offering sustainable products, enhancing transparency, and facilitating informed consumer choices. As consumer awareness and expectations continue to evolve, businesses that prioritize sustainability and transparency will be better positioned to navigate economic uncertainties and cultivate consumer trust and loyalty.

For more insights into consumer attitudes towards sustainability amidst economic challenges, stay tuned for the next installment of our blog series.

Read more about the impact of cost of living on sustainability here.