Across Europe's four major markets of France, Germany, Italy and the UK, people's focus on sustainability is again on the up.
Even more importantly: in these countries, over two-thirds of people who say they are intending to make a sustainable major purchase over the coming 12 months, also say they are willing to pay a higher price for it.
This is a lucrative audience for consumer tech & durables (T&D) manufacturers and retailers, as we forecast that eco-active shoppers will be spending $700 billion globally on T&D by 2030.
As consumers adjust to their new economic landscape, their desire to take sustainability into account when making purchases is again increasing.
Compared to January this year, the UK, Germany and France have all seen increases in people's sustainability index rating, with the UK in particular jumping +20 points. This makes the UK the strongest growing country of the four, in terms of overall Sustainability Index rating.
Only Italy saw a decrease, with consumers still very much focused on the continued higher cost of everyday living.
All four countries are seeing encouraging percentages for the number of people who are willing to pay a higher price for their intended major purchase, if it is produced in a sustainable way.
Looking at country level:
Right now, the majority of consumers are balancing their eco-aspirations against the increased strain on their wallets from the heightened cost of everyday living. Even "eco-active" shoppers, who are highly concerned about the environment and taking direct actions to reduce their waste, are struggling to balance the current increase in cost of living with their desire to act and shop sustainably:
Manufacturers and retailers can focus their strategy around two key areas that can help encourage shoppers’ eco-spending intentions:
Get this right and the potential for cornering this growing area of consumer spending is huge:
"There is a gap in the market for a tech manufacturer that is committed to a truly 100% sustainable product. This could mean an innovation that isn't even feasible with traditional materials or production methods."
- Madalina Carstea, Head of Global Sales, Brand & Marketing Intelligence, GfK