Research: Consumers Are Buying More Sustainable Products
In an environment where consumer packaged goods (CPG) companies respond to changing generational expectations, including more sustainable product offerings.
I’ve been thinking of how the pandemic pulled the trigger as consumers and changed our habits.
Having plenty of informal and casual conversations with my friends, we concluded how important it is to take care of ourselves, our relatives, and the planet as well.
According to research from IRI and The Stern Center for Sustainable Business at the University of New York, products that have sustainability initiatives have continued to grow during the COVID-19 pandemic, capturing a 17% market share during the first half of 2020, published in the Food Business News.
Products marketed in sustainability experienced a 56% increase in sales during the second half of March 2020. It means that more than half of consumers said they are buying more organic products than before COVID-19, and 7 in 10 said they are buying more or as many organic products.
Today, my guest is Randi Kronthal-Sacco, Senior Scholar, Marketing and Corporate Outreach for the NYU Stern Center for Sustainable Business; she shares with us the outcomes of an exciting report she co-wrote with Tensie Whelan for Harvard Business Review; «Research: Actually, Consumers Do Buy Sustainable Products.»
According to a Harvard Business Review article: Actually, Consumers Do Buy Sustainable Products, products with a sustainability claim on-pack accounted for 16.6% of the market in 2018, up from 14.3% in 2013, and delivered nearly $114 billion in sales, up 29% from 2013.
Most importantly, sustainable products grew 5.6 times faster than those that were not. Sustainability-marketed products grew faster than their conventional counterparts in more than 90% of the CPG categories.
