Though Americans are reassessing spending priorities as economic conditions change, most consumers value sustainability when making purchasing decisions.
While 81 per cent of consumers believe it’s important for companies to act sustainably, less than two-thirds (64per cent) are now willing to pay more for brands with leading sustainability practices, down from 67per cent last year.
A new survey of Stifel Financial Corp., a financial services holding company, says that against a backdrop of spiking inflation, consumers are prioritising good value (69per cent vs. 67per cent a year ago), low price (52per cent vs. 45per cent a year ago) and reputation for durability when purchasing active/casual lifestyle brands.
Other considerations,like style (38per cent vs. 43per cent a year ago), innovation (20per cent vs. 23per cent a year ago), uniqueness (19per cent vs. 21per cent a year ago) and trendiness (18per cent vs. 20per cent a year ago)were viewed as lower priorities.
It further adds that perhaps reflecting additional sensitivity to the current economic backdrop, 63per cent now regularly consider pre-owned, second hand or refurbished goods when purchasing active/casual lifestyle brands.
The survey also questioned 5,325 additional active/causal lifestyle brand consumers aged 18-55 across the UK, Germany, France, Italy and China. Across all markets, at least four out of five category purchasers say it’s important that brands operate sustainably.
More than half of respondents in China (61per cent), France (56per cent), Germany (53per cent) and Italy (53per cent) have boycotted or stopped buying a brand or product specifically because of sustainability concerns. Only 45per cent of British consumers and 41per cent of American consumers have acted similarly.
