Most Singaporean consumers say they will not buy from brands with unethical partners
The Covid-19 pandemic has made people more mindful of the impact of their purchases, as most Singaporean consumers say they would never buy from a brand again if it was accused of working with unethical suppliers.
87% of Singaporeans are willing to pay more if they can be sure a product has been ethically sourced or produced
Post-pandemic, 89% of consumers plan to prioritize buying from companies that make it clear they have ethical sourcing strategies in place; this compares with 78% who said that pre-pandemic, they prioritized buying from companies with such strategies in place, according to a survey by OpenText.
“Creating an ethical supply chain requires having visibility into every supplier, the ethically minded consumer is exercising more control over their buying power. Brands can no longer claim they act responsibly if they have no visibility into their operations or those of their suppliers,” said Lou Blatt, senior vice president, and chief marketing officer at OpenText.
What does the survey find?
Over half (55%) of Singaporean consumers judge a brand based on not just its actions but the actions of its suppliers as well.
87% of Singaporeans are willing to pay more if they can be sure a product has been ethically sourced or produced. Over a third (36%) are willing to spend between 25% and 50% more on that product.
When shopping online, 59% of Singaporean consumers are making a conscious effort to purchase locally sourced or produced items to support local businesses and reduce their carbon footprint.
75% agree that businesses have a responsibility to ensure their suppliers abide by an ethical code while over two-thirds (68%) believe that if a business cannot monitor, or doesn’t know if suppliers are sourcing goods ethically, they need to start rethinking their supply chain.
72% of Singaporean consumers agree that the government should introduce regulation that holds businesses accountable for responsible sourcing.
84% admit that knowing where a product has originated from or where parts are sourced is important to their buying decision with 53% stating that this always or often impacts their buying decision.