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New Bain & Company research finds that 90% of consumers in Asia-Pacific are willing to spend a premium on sustainable products, but nascent understanding, overwhelming number of information sources, availability issues, and lack of sustainable options are challenging purchase follow-through alongside price transparency
HONG KONG, June 6, 2022 /PRNewswire/ — Consumers in Asia-Pacific are a driving force behind the region’s interest in purchasing sustainable goods and are showing brands the importance and focus which should be placed on ESG. Among 16,000 Asia-Pacific consumers surveyed, 90% said that they are willing to spend a premium on sustainability products, but don’t buy these goods due to a lack of information or the simple fact that they don’t trust claims of sustainability. Another barrier consumers mentioned was the low availability of sustainable products. These and other findings are explored in Bain & Company’s new report, Unpacking Asia-Pacific Consumers’ New Love Affair with Sustainability released today.
“‘It’s fantastic to see consumers across Asia-Pacific demonstrating enthusiasm and demand for sustainable products, showcasing the vast opportunity brands have in front of them.” said David Zehner, partner and Asia-Pacific head of Bain & Company’s Consumer practice. “‘By helping to educate consumers, improve availability and options, drive clearer, consistent information across all touchpoints like packaging and website, brands can take full advantage of this shopper inflection point and command the market going forward.”
Consumers stated that they care more about sustainability than ever before and that they are willing to spend more, but their actions fall short, which is the disconnect between intent and action—the vexing “say-do gap”—and it is a growing conundrum for all consumer products companies. Brands that successfully close the say-do gap by educating consumers, ensuring sustainable alternative options and availability, driving clear communication, and improving information sources are rewarded with future sales and valuable consumer recommendations. The outlook is bright for winners as 40% of consumers plan to increase their spending on sustainable products in the next three years.
Meet Asia-Pacific’s sustainable consumers
There were several surprising findings when Bain conducted its research to understand the key motivations behind consumer behavior.
“‘Consumers have spoken, and now it’s up to the brands to listen, react, and lead the way by doubling down on ESG initiatives and also closing the ‘say-do gap’ to connect with their consumers even more.” said Zara Lightowler, Bain & Company associate partner and co-author of the report. “‘Brands need to have a clear, purposeful plan in place to take advantage of this remarkable consumer opportunity the winners will drive growth and positive environmental outcomes at the same time.”
The research highlights that there are six critical steps CEOs can take now to maximize on this opportunity (addressing the “what”, the “how” and operationalization):
Editor’s note: To arrange a copy of the report or an interview with the authors, please contact Nicholas Worley at nicholas.worley@bain.com or +852 2978 8830.
About Bain & Company
Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future.
Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a gold rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 2% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
Media Contacts:
Nicholas Worley
Bain & Company
Tel: +852 2978 8830
nicholas.worley@bain.com
SOURCE Bain & Company
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