According to a new study carried out by research firm Nielsen, socially conscious consumers in Asia Pacific, Latin America, and the Middle East are more willing to accept higher prices for socially responsible products than in North America and Europe.
“The growing group of conscious and socially responsible consumers is calling upon companies to provide more social commitment, fair production conditions and sustainable environmental protection,” says the study.
Environment important in APAC
“More and more customers gather information, look for products that fulfil these conditions when shopping and are also prepared to pay more for them.”
Environmental protection and sustainability were most the important points for two-thirds of the survey respondents. In Asia, environmental matters were given top priority, as well as in Europe and Latin America.
The study highlights the importance of social responsibility for companies and in the cosmetics industry this is increasingly important as consumers are paying much more attention to what they put on their skin.
Consumer expectations
Whether its sustainability, environmental awareness or fighting poverty, it is important for companies to meet consumer demands.
Two-thirds of the global consumers surveyed said they prefer products and services from firms that in some way pay back part of the money earned to society.
“For firms with an eye on the growing group of socially conscious customers, it is essential to make honest efforts in the areas of sustainability and environmental commitment. More and more consumers desire and reward value orientation and activities for public welfare,” says Nielsen.
The study on ‘The Global, Socially-Conscious Consumer’ analyzed results of 28,000 online interviews from 56 countries throughout the world.