During the ongoing pandemic, UK consumers are showing a strong inclination towards supporting environmentally responsible companies. According to a recent survey by E.ON, a significant 36% of Britons are actively choosing to back businesses with robust environmental credentials. This shift in consumer behavior has been further underscored by the fact that a staggering 80% of respondents are now more inclined to make purchases from companies that have demonstrated a commitment to sustainability.
The survey findings also revealed that a notable 34% of consumers are willing to shell out extra money for eco-friendly products and services. This growing trend towards sustainability is reflected in the fact that 51% of respondents consider the environmental impact of a product or service to be as crucial as its price. These numbers signify a noteworthy change in consumer attitudes, indicating a rising demand for products that prioritize eco-consciousness.
Furthermore, the survey highlighted that a majority of consumers – 72% to be precise – are actively scrutinizing whether businesses are making environmentally friendly choices. Additionally, 65% of respondents emphasized the importance of purchasing products or services that do not harm the environment. The shift towards sustainable practices is particularly pronounced in London, where over half of consumers have altered their purchasing habits to support green businesses. Millennials are playing a significant role in driving this shift, with 54% of them opting to buy more from environmentally friendly companies.
E.ON has also pointed out the potential financial gains for small- and medium-sized enterprises that embrace sustainability. By selling more eco-friendly goods, these businesses could potentially earn an extra £11,100 per year. Consumers are willing to pay a premium of 3% for products with strong environmental credentials, indicating a willingness to support sustainable initiatives.
CEO of E.ON UK, Michael Lewis, has stressed the importance of addressing environmental concerns even amidst the pandemic. He noted, “The coronavirus pandemic has heightened people’s concerns around the climate crisis and this has brought the environmental footprint of the products and services we buy into sharp focus.” Lewis also emphasized the crucial role that small businesses can play in driving the green economic recovery, urging them to adopt sustainable practices.
While the survey results paint a positive picture for environmental sustainability and green-focused businesses, challenges still lie ahead. With the potential for rising unemployment due to the ongoing Covid crisis and potential price hikes for Brexit-related goods, consumers may find themselves grappling with the decision of paying more for sustainable products. Nevertheless, the overall shift towards greener consumption habits signals a promising trend towards supporting eco-friendly practices in the UK.
Useful Links:
1. Consumers Willing to Pay More for Sustainable Products
2. The Green Recovery: How Business Can Lead
