TUSTIN, Calif., Nov. 15, 2023 – More than three-quarters (80%) of consumers surveyed said they are more likely to trust companies that back up their sustainability claims with publicly shared data, and 25% actively track government regulations around sustainability to better understand how it impacts their favorite brands and products.
That’s according to a new survey by Specright, the leader in Specification Management software, with findings indicating that consumers today have a heightened awareness when it comes to sustainability and transparency from companies on their products and progress around sustainability goals.
However, 69% of consumers don’t believe companies today are accurately and honestly reporting on sustainability goals and metrics, and 40% are not comfortable purchasing products from companies that are not actively tracking toward sustainability goals.
Amid this increased awareness, consumers are switching up their purchasing behaviors, with primary purchasers often putting their money toward more sustainable products. More than half (58%) of consumers indicated they are willing to spend more money on products that are deemed sustainable or environmentally friendly. Further, 74% of consumers indicated they are more likely to purchase from a company that is transparent about its sustainability practices (i.e., claiming carbon-neutrality, phasing out single-use plastics, using terms such as ‘eco’ or ‘biodegradable,’ etc.) and shares updates on progress toward sustainability goals frequently.
Outside of making more sustainable purchasing decisions, consumers also have a desire to recycle and properly dispose of the products they buy but are putting the onus on companies and brands to tell them how to do so correctly. In fact, 82% of consumers say they are more likely to recycle products if companies and brands include the appropriate steps for how to recycle correctly directly on the product or packaging.
This sentiment around sustainability can be expected to translate into 2024 purchasing decisions, as 71% of consumers revealed they plan to make more sustainable purchasing decisions next year.
“These results show consumers care about the sustainability of the products and packaging they purchase and the companies and brands they purchase from, and clearly companies have more work to do on this front,” said Matthew Wright, founder and CEO of Specright. “The results emphasize the importance of data and how it can influence a consumer’s decision to purchase products, and many organizations today lack the data to back up their claims or even correctly track and report on sustainability goals, which can negatively impact business. As we move into 2024, it’s imperative that companies organize and digitize critical product and packaging data to make reporting on sustainability as accurate as possible and even spark more sustainable product innovation.”
Additional survey findings revealed:
- Approximately 71% of consumers are more likely to believe a company’s sustainability claims if they are printed directly on the product or packaging (i.e. similar to a nutritional label).
- More than half (53%) of consumers are willing to pay more money for a product with sustainable packaging versus a product with cheaper, non sustainable materials.
- While consumers are backing up their sustainability beliefs with their wallets, this can depend on certain factors like product or packaging material with consumers confirming they would pay more for: recycled cardboard (50%), cornstarch foam / water soluble packaging (48%), reusable plastic totes (62%), products with the terms like ‘eco,’ ‘biodegradable’ or ‘recyclable’ on packaging (55%), to name a few.
- More than two-thirds of consumers (67%) claim they don’t know what the term greenwashing means.
- When it comes to holiday shopping this year, nearly two-thirds (62%) of consumers prefer to bundle items purchased from online retailers together and receive them at a later date as they believe it’s more sustainable.
Survey methodology: Specright surveyed 1,000 consumers above the age of 21 in the U.S. who indicated they are a primary purchaser in their household using the online insights platform Pollfish. This survey was completed in November 2023.
About Specright
Specright is the first purpose-built, patented platform for Specification Management. Whether it’s packaging, raw materials, formulas, products, or machines, Specright helps companies digitize, map, and take action across their supply chain to reduce costs, increase profitability, and drive sustainability. Specright serves customers across industries, including packaging, food and beverage, consumer packaged goods, pharmaceutical, retail, industrials, and more. Recognized as a leader in Specification Management, Specright was named one of Fast Company's Most Innovative Companies for 2023, had three executives honored as Supply & Demand Chain Executive Pros to Know in 2023 and won Food Logistics’ 2022 Top Software & Technology Provider award. For more information, visit: www.specright.com.
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