Author: Tronserve admin
Sunday 25th July 2021 03:47 AM
Consumers Would Pay More for Sustainable Products Designed to Be Reused or Recycled, Survey Finds
More than half of consumers said they would pay even more for sustainable products designed to be reused or recycled, reported by results of a survey from Accenture.
The survey of 6,000 consumers in 11 countries across North America, Europe and Asia, results of which were previewed at the American Chemistry Council (ACC) Annual Meeting today, uncovered that while consumers remain primarily concentrated on quality and price, 83 percent believe it's vital or severely important for companies to create products that are meant to be reused or recycled. Nearly three-quarters (72 percent) of participants said they are presently purchasing more environmentally friendly products instead of they were five years ago, and 81 percent said they expect to buy more over the next five years.
“The shift in consumer buying, with more consumers willing to pay extra for environmentally friendly products, reinforces the need for companies to increase their commitments to responsible business practices,” reported Jessica Long, a managing director in Accenture Strategy. “Companies across industries have started to lead with purpose, including embracing the circular economy as a greater opportunity to drive growth and competitive agility.”
Unsurprisingly, quality and price led consumers’ criteria when making purchases, reported by 89 percent and 84 percent of respondents, correspondingly, in contrast to 49 percent who cited health and safety considerations and 37% who cited environmental impact.
The research results also signify that people feel that the chemical industry — which plays an essential role in driving recycled and reusable technologies and materials — lacks concern about its environmental affect. Particularly, a quarter of consumers (26 percent) said they believe that the chemical industry is the least concerned of nine industries involved in the research regarding its impact on the environment.
Consumers also ranked chemical companies the lowest among industries for the consistency of communications with regards to the environmental affect of their products and services, with 72 percent not very convinced or not confident at all in these communications.
“While some of the survey results are encouraging, there are also implications for chemical companies, including the need to overcome negative consumer sentiment and to produce sustainable materials at a competitive price,” reported Rachael Bartels, a senior managing director at Accenture who leads its chemicals and natural resources practice. “The chemical industry is a critical enabler to the circular economy and can speed up its adoption, and the reality is the industry must get in front of this now, or risk being left behind.”
In other survey findings, plastics was identified to be the very least environmentally friendly type of packaging, cited by more than three-fourths (77 percent) of consumers, with paper products perceived to be the most environmentally friendly, cited by 55 percent of respondents.
Resolving these and other challenges will help chemical companies fuel growth. In particular, the ACC reports that a circular economy for plastics could add 38,500 jobs and billions of dollars to the U.S. economy by expanding the use of pyrolysis and some other advanced plastic recycling technologies. Chemical companies have an opportunity to catalyze and capture a significant share of the $4.5 trillion in opportunity presented by a move to a circular economy, reported by circular economy research from Accenture Strategy.
This article is originally posted on manufacturing.net