Consumers are now avoiding brands that don’t prioritise sustainability and environmental issues, according to a new global survey commissioned by ING shows.
The report, Learning from Consumers: How shifting demands are shaping companies’ circular economy transition, shows 83 per cent of respondents believe their behaviour and choices can have a positive impact on addressing global environmental challenges. Sixty-one per cent say they would be less willing to buy a company’s product if they discovered the brand was performing poorly on environmental practices.
Other findings in the report showed only 21 per cent of respondents think companies in the electronics industry provide detailed information on the overall environmental impact of products and 39 per cent cannot distinguish between recyclable and non-recyclable plastics. In fashion, 48 per cent said the top reason for not repairing clothes was their belief that they need skills they don’t have, while 41 per cent think renting clothes would require a lot more effort.
More than half (54 per cent) of consumers still choose low-cost, fast-fashion items over more expensive, more durable ones.
The report notes the potentially vast gains for businesses that embrace the “reduce, reuse, recycle” principles of the circular economy by aligning with consumers’ changing demands. The findings also highlight where consumers are already engaging in circular activities and their appetite for new product and service models.
