Fifteen years ago no one would have believed that consumers would be looking at how the money they hold with banks, superannuation funds, and even the everyday products they purchase impact the planet. Nor that making purchasing decisions based on this. It’s no longer industry funds versus the big banks, it’s now ethical funds versus everyone else – and it’s not the big players who are coming out on top.
Initially a niche consideration reserved for a handful of dedicated consumers, ‘values based consumption’ has exploded over the last five years as a key consideration in consumer purchasing intent and the expectations consumers have on brands.
Research from Nielson shows nearly 75% of millennials are willing to pay more for sustainable offerings, a 25% increase since the previous study in 2014. Not only that, 66% said they’re willing to pay more to be purchase from companies who are committed to positive social and environmental practices.