80% of Young Americans Are Willing to Pay More for Sustainable Products

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by KnowESG
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Despite high inflation, 66% of Americans and 80% of young Americans (ages 18-34) are willing to pay more for sustainable products versus less sustainable competitors, according to the second Business of Sustainability Index by GreenPrint.

However, 78% of Americans say they don’t know how to identify environmentally friendly companies, despite wanting to buy from them. To confirm a company’s environmental friendliness, 50% agree that clear language on products is important, and 46% say third-party or independent source confirmation is important.

Among those that shop for environmentally friendly products, 72% use labels or third-party certifications on the product’s packaging to confirm if it’s environmentally friendly.

The study also revealed a significant trust gap between Americans and corporations when it comes to sustainability. Only 38% of Americans believe corporations most or all of the time when they make claims of environmental friendliness, a noticeable drop from 47% in GreenPrint’s 2021 study.

Overall, 41% say American corporations are doing a poor job at reducing their carbon footprint. When it comes to demonstrating an actionable commitment to becoming more environmentally friendly, 56% of Americans say airlines and fleet services are not doing well, followed by the energy/gas industry (48%).

However, big companies making it easier for consumers to recognize sustainability include Melissa & Doug, which joined the Sustainable Packaging Coalition (SPC) and How2Recycle, and will begin rolling out How2Recycle labels on its packaging by the end of this year, and Vital Pet Life, which is incorporating recyclable packaging with the first product in its Vital Pet Life Plus line, and is also becoming a member of How2Recycle and the Sustainable Packaging Coalition.

Source: Environmental Leader

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