One other impression of the COVID-19 pandemic has been revealed. Customers at the moment are extra centered on sustainability and the willingness to pay out of their very own pockets – and even minimize their wages – for a sustainable future, in accordance with a brand new survey by the IBV Institute for Enterprise Worth (IBV) of greater than 14,000 shoppers in 9 of the nations.
9 in 10 shoppers surveyed reported that the COVID-19 pandemic had affected their opinion of environmental sustainability, and COVID-19 was the primary issue cited to affect their viewpoint – greater than others introduced such than widespread forest / bushfires, climate occasions and information disasters. cowl on the topic.
“The survey confirmed that respondents world wide are more and more involved concerning the world local weather disaster, and we additionally noticed firms from many industries searching for to take motion to fulfill the expectations of their prospects and traders and handle their very own environmental objectives, ”mentioned Dr Murray Simpson, world chief in sustainability, local weather and transition, IBM World Enterprise Providers. “We’re seeing many firms beginning to make strides in constructing clear provide chains or enhancing vitality administration to cut back carbon emissions utilizing modern applied sciences like AI and blockchain.”
Based on the survey, many shoppers are more and more prepared to vary the best way they store, journey, select an employer and even make private investments resulting from environmental sustainability elements.
The survey additionally discovered variations in shopper opinion throughout geographies, with People surveyed reporting the least concern about sustainability matters. For instance, solely 51% of U.S. shoppers surveyed mentioned tackling local weather change was very or extraordinarily necessary to them, in comparison with 73% of respondents from all different nations.
With regards to buying decisions, 55% of shoppers surveyed say sustainability may be very or extraordinarily necessary to them when selecting a model – 22% greater than shoppers surveyed earlier than the COVID-19 pandemic by IBM . Simply over six in ten shoppers surveyed mentioned they have been prepared to vary their buying habits to assist scale back the detrimental impression on the atmosphere, shoppers surveyed in India (78%) and China (70 %) being probably the most prepared.
Highlights of the survey embrace:
Many consumers surveyed are prepared to pay extra for environmental sustainability
Regardless of the monetary impression of the COVID-19 pandemic on many individuals, 54% of shoppers surveyed are prepared to pay a premium for sustainable and / or environmentally pleasant manufacturers.
Many staff surveyed are prepared to simply accept decrease pay to work for a sustainability-conscious employer
Based on the survey, 71% of staff and job seekers surveyed say that environmentally sustainable firms are extra engaging employers. Moreover, over two-thirds of the whole potential workforce * respondents usually tend to apply for and settle for jobs with environmentally and socially accountable organizations – and almost half of these surveyed would settle for a job. decrease pay for working for these organizations.
On the similar time, 48% of shoppers surveyed belief firms’ sustainability commitments, with 64% of respondents anticipating elevated public scrutiny within the coming yr.
With one in 4 staff surveyed in February 2021 planning to vary employers this yr, firms may run the chance of shedding prime expertise to extra sustainability-conscious opponents.
Environmental sustainability impacts private funding selections
Forty-eight % of all private traders surveyed already take into account environmental sustainability of their funding portfolios and one other fifth (21%) surveyed say they probably will sooner or later. 59% of non-public traders surveyed plan to purchase or promote holdings within the subsequent yr based mostly on environmental sustainability elements.