Global research reveals majority of consumers are willing to
pay to support a sustainable future
ARMONK, N.Y., April 22, 2021 /CNW/ -- The COVID-19
pandemic has elevated consumers' focus on sustainability and
willingness to pay out of their own pockets – or even take a pay
cut – for a sustainable future, according to a new IBM Institute
for Business Value (IBV) survey of over 14,000 consumers in nine
countries.
Nine in 10 consumers surveyed reported the COVID-19 pandemic
affected their views on environmental sustainability, and COVID-19
was the top factor cited in influencing their view – more than
others presented such as widespread wildfires/brushfires, disasters
due to weather events and news coverage on the topic.
The survey also revealed differences in consumer opinion across
geographies, with Americans surveyed reporting the least concern
about sustainability topics. For example, only 51 percent of US
consumers surveyed said addressing climate change was very or
extremely important to them, compared to 73 percent of respondents
from all other countries.
"The survey showed respondents worldwide are increasingly
concerned about the global climate crisis, and we have also
observed businesses in many industries looking to take action to
meet their customers' and investors' expectations and manage their
own environmental goals," said Dr. Murray
Simpson, global lead for sustainability, climate &
transition, IBM Global Business Services. "We see many companies
beginning to make strides to build transparent supply chains or
improve energy management to reduce carbon emissions with the help
of innovative technologies like AI and Blockchain."
According to the survey, many consumers are increasingly willing
to change how they shop, travel, choose an employer and even where
they make personal investments due to environmental sustainability
factors.
Many surveyed employees are willing to accept a lower salary
to work at a sustainability-conscious employer
According to the survey, 71 percent of employees and employment
seekers surveyed say that environmentally sustainable companies are
more attractive employers. In addition, more than two-thirds of the
full potential workforce* respondents are more likely to apply for
and accept jobs with environmentally and socially responsible
organizations – and nearly half surveyed would accept a lower
salary to work for such organizations.
At the same time, 48 percent of consumers surveyed trust
corporate commitments on sustainability, with 64 percent of
respondents expecting increased public scrutiny in the year
ahead.
Given that one in four employees surveyed in February 2021 plan to switch employers this year,
companies could face a risk of losing top talent to more
sustainability-conscious competitors.
Environmental sustainability is affecting personal investment
decisions
Forty-eight percent of all personal investors surveyed already
take environmental sustainability into account in their investment
portfolios and a further fifth (21 percent) surveyed say they are
likely to do so in the future. 59 percent of personal investors
surveyed expect to buy or sell holdings in the next year based on
environmental sustainability factors.
Many surveyed shoppers and travelers are willing to pay more
for environmental sustainability
Despite the COVID-19 pandemic's financial impact on many
individuals, 54 percent of consumers surveyed are willing to pay a
premium for brands that are sustainable and/or environmentally
responsible.
In addition, 55 percent of consumers surveyed report
sustainability is very or extremely important to them when choosing
a brand – 22 percent higher than consumers surveyed pre-COVID-19
pandemic by IBM. Slightly more than six in ten consumers surveyed
said they are willing to change their purchasing behavior to help
reduce negative impact on the environment, with consumers surveyed
in India (78 percent) and
China (70 percent) being the most
willing.
With regards to travel, almost one in three respondents strongly
believe their personal travel habits contribute to climate change.
82 percent of consumers surveyed globally would choose a more
environmentally friendly transportation option even if it costs
more, but only 64 percent of American respondents agreed compared
to 95 percent of Indian and 91 percent of Chinese respondents.
Methodology
The IBM Institute for Business Value
surveyed more than 14,000 adults globally from nine countries
(United States, India, United
Kingdom, Canada,
Germany, Mexico, Spain, Brazil
and China) during March 2021 to better understand consumers'
opinions and perspectives on environmental sustainability.
*Full potential workforce refers to survey respondents who are
employed full-time or part-time, unemployed but currently seeking
employment, or a full-time student or apprentice.
About the IBM Institute for Business Value
The IBM (NYSE: IBM) Institute for Business Value (IBV)
delivers trusted business insights from our position at the
intersection of technology and business, combining expertise from
industry thinkers, leading academics, and subject matter experts
with global research and performance data. The IBV thought
leadership portfolio includes research deep dives,
benchmarking and performance comparisons, and data visualizations
that support business decision making across regions, industries
and technologies. Follow @IBMIBV on Twitter, and to receive the
latest insights by email, visit: www.ibm.com/ibv.
Media Contact
Michelle
Mattelson
IBM External Relations
morrison@us.ibm.com
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SOURCE IBM