Consumers are holding brands accountable for their commitments when it comes to sustainability, finds a BBC study.
BBC Global News found 81% agree that clearly demonstrating a commitment to sustainability adds value to a brand and 79% say sustainable practices and commitments are an important consideration when making purchase decisions.
The survey also found that 68% are happy to pay more for brands with strong sustainability and eco-friendly practices. Some 57% say they would stop buying a product they were previously loyal to if they discovered it was not committed to sustainability
“These results demonstrate the importance that consumers place on a brand’s sustainability credentials and show that they are willing to use their wallets to make their feelings known. For brands to retain loyalty from their customers, they need to be clear about their commitment to acting,” said Alistair McEwan, the senior vice president of commercial development for APAC at BBC Global News.
“Those that fail to do so open themselves to criticism, so it is vital that brands shape their narrative and communicate their message transparently and authentically, and working with trusted storytellers like the BBC will enable that.”
What did the survey find?
From the 27 brands surveyed across three sectors, around half of all consumers said they are not aware of the brand's sustainability practices. Finance ranked by far the highest with 63% of all consumers not being aware of financial brands’ sustainability practices.
83% of consumers believe that brands should invest in education about the importance of sustainability and 79% agree that brands should be financing research for sustainable practices.
Brand trust is still seen as the most important brand association for consumers across the region, indexing particularly high in the automotive and technology sectors at 87% and 83% respectively, with finance scoring 63%.
66% said that interviews with an international news partner are the most influential way for consumers to learn about a brand’s CSR, followed by branded content within a premium environment (39%).