Consumers Will Pay More for Socially Responsible Products
As causes connected to products and practices grow in number and scale, it’s useful to check the data re. their effect on consumers. A new survey shows that coupling socially responsible concerns to sales and reputation is good business. Fifty-five percent of 30,000 people in 60 countries surveyed in a new report by Nielsen said they would pay more for products made by socially responsible companies. Breaking out the responses by region and by generation, 64 percent of Asia-Pacific consumers and 55 percent of millennials rated as “most likely” to pay extra and make buying decisions based on responsible business. The top causes of “extreme concern” most likely to be supported by shoppers: increasing access to clean water, improving access to sanitation, and ensuring environmental sustainability. Data like this proves that “doing well by doing good” is more than a slogan—it’s a reality.
John Howell, Editorial Director