The majority of Americans say they would shell out an extra 36% above the retail price if they knew it meant their purchase was ethically sound, according to new research.
The poll of 2,000 Americans found 63% of respondents voicing their willingness to pay an additional one-third more in price for responsibly-made and transparently-sourced products.
87 percent reported they would be more likely to buy something if they knew and understood all the ingredients in the product.
Conducted by OnePoll in conjunction with Nutrilite by Amway, the survey found that a resounding 87% of respondents agreed that companies aren’t transparent enough about the ingredients they put in their products.
It may be difficult for consumers to keep track of the claims on packages today, whether it’s ‘cage free’ or ‘cruelty-free’, but those companies that are going the extra mile to ethically source products are benefitting from an increase of dollars spent. Research released in June confirms that consumers are actually putting their money where their hearts are.
NYU Stern’s Center for Sustainable Business did extensive research into U.S. consumers’ actual purchasing of consumer packaged goods and found that 50% of the growth in 2013–2018 came from sustainability-marketed products.
Products that had a sustainability claim on the packaging delivered nearly $114 billion in sales—up 29% from 2013. Additionally, these products grew 5.6 times faster than those that were not marketed as sustainable, in more than 90% of the 36 categories of goods researched.
News from The Good News Network