Over 40% of consumers are not willing to pay extra for green products
This challenges retailers to close the prices of sustainable products to conventional brands.
About 41% of consumers lack the willingness to pay more for sustainable products, Euromonitor International reported.
This challenges retailers to bring the prices of these products to conventional brands.
“Economic necessity ushered in a new era of sustainable behaviour rather than purchase decisions. Consumers will still be reluctant to pay more for sustainable products this year,” the report read.
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Despite this, Euromonitor found that 34% of consumers are open to buying secondhand or pre-loved items in 2022.
“Less than one-fifth of consumers were willing to pay more for household essentials with sustainable features last year. But market dynamics spurred green activities like repairing, secondhand shopping and renting,” Euromonitor noted.
“Eco Economic purchase motivations also stem from the post-COVID-19 desire to live more responsibly.”