Indians prioritize spending on sustainable products and contributing to local businesses: report
New Delhi: Indians want to leave an impact on the planet by prioritizing spending on sustainable products and contributing to local businesses, according to the American ExpressTrendex report.
87% of Indian respondents always or often buy sustainable products and 97% want to spend money on items that will have a positive impact on local businesses and communities, which is the highest among all other countries surveyed.
The survey further reveals that 98% of Indian respondents want to spend money on items that will help build low-carbon communities around the world. 97% think all products should be held to be environmentally friendly while 96% think about the impact on the planet. when making a purchase decision.
Encouragingly, 92% of Indian adults surveyed are willing to pay more for sustainable products with growing awareness of the benefits of sustainable products. For 43% of Indian adults surveyed, increased product availability and better understanding of product benefits are key motivators for purchasing sustainable products in the future, while for 37% it is a better price .
Manoj Adlakha, Senior Vice President and CEO of American Express Banking Corp India, said: “Indian customers are making conscious decisions and changing their buying habits by prioritizing spending on sustainable products, contributing to local businesses and leaving a positive impact on the planet. Ever since the pandemic hit the world, creating an irreversible impact on millions of people around the world, people are increasingly aware of the purchases they make and the impact it will create for generations to come.
- Giving back to the environment –98% of Indians surveyed want companies to make it easier for them to reduce their carbon footprint, while 97% of Indians surveyed will be more loyal to a company/brand that works to address environmental issues.
- Prioritize sustainable products-92% of Indian adults surveyed are willing to pay extra for sustainable products and 94% of those Indian adults who would pay extra say they would pay at least 10% more for sustainable products, while 29% are willing to pay 50% more for sustainable products and 23% of them even exceed 50%. shopping for clothes, tech, food and while traveling and 86% of them have already started shopping at second-hand or consignment dealers rather than buying new items to reduce the ‘environmental impact. When deciding where to dine, more than half (55%) of Indians surveyed consider the number of plant-based options available in a restaurant.
- Approval of sustainable products– Around 97% of Indians surveyed would like to buy more from a company that is taking action to reduce the impacts of climate change and are more likely to trust brands that work to address environmental issues.
- Awareness of sustainable issues –Indian adults surveyed have focused more on a variety of sustainability topics in the past year, air pollution (96%) and recycling, renewable energy and climate action (95%) aroused the most interest.
- GenZ/Millennials more sustainability conscious – 57% of GenZ/millennials surveyed are more likely to plan to buy sustainable products this year to help reduce their environmental impact. 72% of GenZ Indians/millennials surveyed are more likely to talk to their children about environmental issues.
American Express Trendex – The American Express Trendex is a trend index that tracks what consumers, small businesses and merchants think about spending, saving, travel and more. Data is collected monthly in the United States and semi-annually around the world, including the United Kingdom, Australia, Japan, Mexico, India and Canada.
Survey methodology: This Morning Consult poll was conducted between March 8 and March 13, 2022 among a national sample of 1,998 in the United States, 1,000 in Japan, Australia, India, the United Kingdom and 999 travelers in Mexico and in Canada with a household income of at least $70,000 and defined as adults who typically travel by air at least once a year. This study has an overall sample of 7,996 global adults.
Within this audience, the Gen Z/Millennial demographic is defined as respondents born between the following years: 1981-2004. Each market’s survey results have a margin of error of plus or minus 3 percentage points.