Many American consumers are willing to pay more for sustainable products and services, but they want help in identifying such options, according to the third annual Business of Sustainability Index from software and data services firm PDI Technologies.
Different demographic groups want to purchase from companies producing sustainable products and services, even consumers in some categories in which such enthusiasm might not be expected.
In the survey of some 1,000 people, 74% of consumers said they care about the environmental impact of the products they buy, but most find it difficult to identify options and information that help them act on on their desire to act sustainably. As such, 79% of consumers want an easier way to identify eco-friendly companies.
To shop sustainably, 53% of consumers want clear language regarding sustainability on products and 40% want third-party or independent validation. The proportion who say they are willing to spend more to support sustainability has grown, PDI observed, with 64% of consumers saying so in 2021, 66% in 2022 and 68% in 2023.
More affluent consumers are most willing to pay more for sustainability, with 73% of consumers with a household income of over $100,000 saying they would. The figure for consumers from households making $50,000 to $100,000 is 67% and that for households earning below $50,000 was 66%.
In a breakdown by political party affiliation, the majority of Republicans joined Independents and Democrats in the survey in expressing a willingness to pay for sustainability at 58%, 60% and 80%, respectively. When it comes to age groups, Gen Z is the most willing to pay more, with 77% saying they would do so, followed by Millennials, at 72%; Gen X, at 67%; and Baby Boomers, at 62%. In geographic terms, 76% of urban, 67% of suburban and 57% of rural consumers say they would pay more to support sustainability.
