L.E.K. Consulting’s Post

Eco-Conscious Economy: Consumer Data Reveals Young Shoppers Prioritize Sustainability. The third annual Consumer Sustainability Survey from Blue Yonder confirms that sustainability remains a priority for all consumers. Generation Z and Millennial consumers are more likely to pay a premium for products that are legitimately sustainable in some way, from materials to packaging to delivery. Read the full blog post. https://ow.ly/HZWH50SriYs

Sustainability is a cause which all of us talk very keenly about, and we are all aware that consumers are calling for more action from brands and businesses on this front - but who is paying for this improvement. Recent data from KPMG showed that more than a third of shoppers in Asia Pacific are unwilling to pay more for sustainability. They believe it should be a part of the offer. Shoppers in the rest of the world are more willing, but this raises a question: with prices rising anyway, if we are putting the cost of sustainability onto shoppers then do we really care? In this week's blog I am looking at why business must put our money where our mouth is on sustainabilty or risk just offering more hot air. Read the blog: https://lnkd.in/eXtcG5Km #sustainability #opinion #cost

Delighted to share our Eco-Conscious Consumer Report. The report unpacks the latest trends and highlights key data points for brand owners, retail buyers, and marketing and PR specialists in the consumer goods sectors. Key findings include: 📌 Environmentally conscious consumers account for £1 in every £5 spent on FMCG products. 📌 Over the past five years, a staggering 71% increase in searches for sustainable goods has occurred. 📌 62% of the UK will be eco-conscious consumers by 2030. 📌 81% of people will likely choose a retailer that rewards sustainable choices. The full report is available on the Reewild page. Or download the full report here: https://lnkd.in/eEa4fJ6k As you read this, I hope it unfolds new insight and sparks a few ideas about how we can collectively influence this growing market segment. Nudging consumer behaviour is a relatively low-cost mechanism for decoupling emissions growth with economic growth. #EcoConsciousConsumer #FMCGTrends #SustainabilityReport #ConsumerGoods #ClimateAction #RetailInnovation

🌎♻️🙅 From “Planet Protectors” to “Green Rejectors,” Americans feel varying levels of responsibility for adopting sustainable behaviors. YouGov’s latest report segments consumers into five distinct groups.     🤔 What does each group think about sustainability, and what does that mean for brands?  👉Download the report here: https://okt.to/SMBs9j #sustainability #GreenGoals #YouGov

🇺🇸♻ What efforts are Americans currently taking to protect the environment? 🔎 YouGov’s new sustainability report identifies five segments of sustainable Americans, detailing their attitudes about the environment, brands, advertising and more. Grab your copy of the report below:�� https://okt.to/MTikWI

When I do my shopping I see more and more choice of sustainable products. Often these products come at a higher price, including a "green premium" – the willingness of consumers to pay more for sustainably produced or sourced goods. It is interesting to understand to what extent customers, including myself, are willing to pay this premium. The resilience of the green premium is one of the most encouraging economic trends of late. PwC’s 2024 Voice of the Consumer Survey gathered insights from more than 20,000 people across 31 countries and territories and found that 85% of consumers are experiencing the disruptive effects of climate change in their daily lives and are prioritizing sustainable consumption. The survey reveals that despite economic pressures, some consumers are willing to pay an average of 9.7% more for sustainable products. So, what does this mean for businesses striving to meet evolving consumer demands? My colleague Sabine Durand-Hayes advises that companies must strike a balance between affordability and sustainability to be successful. Read on to see her complete commentary and the full survey. #Sustainability #SustainableBusiness #ClimateRisks #ESG

“81% of global consumers believe that companies should play a role in improving the environment.” Yes, you read that correctly. Over four-fifths of your potential customers are watching, and they deeply care about sustainability. Are Companies Overlooking Eco-Friendly Opportunities? 💼🌍 Studies by Nielsen and McKinsey & Company indicate that a substantial 55-66% of consumers are willing to pay extra for eco-friendly products. Now, the real question arises – are businesses truly capitalizing on this growing market demand? In today's landscape, consumers aren't merely purchasing products; they're investing in brands that align with their values – particularly sustainability. This poses a compelling opportunity for businesses to enhance profitability while making a positive environmental impact. So, here's the challenge: Let's reevaluate our strategies and explore how integrating sustainability into business models can not only bolster brand reputation but also drive financial success. After all, the studies prove that profitability and environmental stewardship need not be mutually exclusive – they can complement each other for a sustainable and prosperous future. 💼💡 #SustainableProfitability #BusinessInnovation #sustainabledesign #sustainablefutures https://lnkd.in/eGQ8Uusf https://lnkd.in/eA8ZCkHm.

🌍 Something for the Spirits Industry! 🥃 I invite you to read this article carefully. Purpose marketing and consumer profiling are now key to shaping strong brand identities and boosting your business. TS Spirits Distillery Capjari Gin Line exemplifies this strategy by combining an award-winning gin formula with the world's first bottle dressed in UPM Raflatac Ocean Bound plastic label. To complete the circle of sustainability, we proudly support our partner Plastic Bank as their Ambassadors , the only for-profit charity certified by blockchain technology, which recycles Ocean Bound plastics and fights poverty by creating new jobs in underdeveloped countries. Blockchain technology will play a crucial role in certifying the authenticity of brands activities . Companies should take heed and be prepared.Fake contents related to Sustainability and Ethics for big brands can be very dangerous. The spirits industry is evolving . By choosing TS Spirits Distillery’s Capjari Gin or our future products, consumers can be confident they are supporting a REAL cause, not just falling for greenwashing or storytelling. And those customers will be guided to enjoy a "wonderful drinking experience" by the quality of the spirit, as well as the gratification of making an ethical choice by selecting the right product. .Quality and ethical behavior define companies, not merely the stories behind their products. Consumers seek authentic connections with "good" brands that align with their values, particularly sustainability and ethics. When my friend and I - referenced industry managers - founded TS Spirits Distillery , driven by our passion for botanicals and spirits, storytelling wasn't on our radar. We were focused on product quality, not the narratives behind them. Personally, I've bought countless bottles of Beefeater or Tanqueray without considering the stories behind the brands. For me, companies are defined by their people, behavior, ethics, Innovative approach , know how and the quality of their products. The idea of a pharmaceutical company using romantic storytelling to sell medicine seems quite odd, doesn't it? Let's prioritize what truly matters in the spirits industry. Let's keep exploring innovative ways to connect with consumers and create brands that not only offer exceptional taste but also make a positive impact on the world. Consumers have changed, and their expectations continue to evolve. They no longer tolerate companies with bad attitudes or those that use fake content to market their products. Consumers are becoming increasingly aware of their power to choose wisely. 🌟🍸 #SpiritsIndustry #PurposeMarketing #ConsumerProfiling #BrandIdentity

Did you know that over 25% of consumers would change retailers if sustainable delivery options weren't on offer? 🛍️ This striking statistic is just one of the highlights from our 2023 consumer research, where we delved into the role of sustainability in consumer  behaviours. Swipe to uncover more findings - and make sure not to miss our Sustainability Report 2023 for a deeper dive: https://lnkd.in/e2Xfsigv #sustainability #SustainableDelivery #StuartSustainabilityReport2023 #LastmileDelivery

Consumers are translating their sustainability preferences into actual spending. In the shopping aisle, your choices make an impact. A recent study shows that products with sustainability claims grew 8.5% more than those without, emphasizing the power of consumer decisions. This finding does suggest that consumers may be more likely to perceive that a multiplicity of claims (rather than only one) made by a product correlates with authentic ESG-related behavior on the part of the brand. It also indicates that brands might be wise to reflect on their commitment to ESG practices and to ensure that they are thinking holistically across the interconnected social and environmental factors that underpin their products. ESG Pays Off for Companies; Numbers don't lie! Products making ESG-related claims accounted for 56% of all growth in the past five years. This isn't just about sustainability—it's a smart business move. #SustainableLiving #ConsumerChoices #ESGImpact #SustainableBusiness