According to Nielsen, sustainability in packaged goods is projected to drive $150 billion in sales in 2021, and it’s just starting to be a driving factor in beauty sales. Per recent interviews, retailers believe the future of sustainability is huge, and consumers are voting with their dollar.
Shoppers say they will pay more for products that benefit them. In fact, there are a number of studies that many choose not to purchase from brands that violate their personal values. Protecting the environment tops the list for most shoppers. That is, until they are confronted with costs.
“Many time shoppers want to buy sustainable and when budget reality kicks in, they can’t,” says Wendy Liebmann, founder of WSL Strategic Retail, a leader in shopper insights and retail strategy. “Even if half of the people who say they would not purchase from brands that are not aligned with their personal values lived up to their plans, that’s a significant share of shoppers to consider.”
Today, the portion of consumers who are emotionally committed to sustainability need brands and retailers to make it easy for them to “walk the talk.”
“Retailers and brands should see sustainability as an opportunity to differentiate,” says Liebmann. “They can start small or think really big. There is enough critical mass for them to jump into this shopper value.”