Consumers are demanding more information about the sustainability credentials of a product before purchasing it from a retailer, new data from the Capgemini Research Institute has found.
The institute’s annual consumer trends report, entitled What Matters to Today’s Consumer, found that shoppers are demanding greater transparency from retailers on areas such as biodiversity, air quality and water resources.
Lack of trust
More than half of consumers say that they ‘don’t trust’ the sustainability claims being made by companies, while a majority said that they would be more likely to switch to a brand that provides comprehensive information about a product’s environmental impact.
Elsewhere, the study found that close to two thirds (63%) of consumers want brands to ‘play an active role’ in their education around sustainable products.
Nearly half of the surveyed individuals express support for detailed labels and scannable QR codes on product packaging, to provide information on carbon and water footprint, as well as product recyclability attributes.
Cost of living concerns
Unsurprisingly, much of the report also focused on the cost of living challenges consumers are facing – concerns about the escalating cost of living have moderately subsided in the past year, as only 43% now anticipate a deterioration in their personal finances in the coming months, in contrast to the 80% who held similar concerns a year ago.
“Though consumer concerns have eased this year, they remain prudent about spending and are either unwilling or unable to spend more,” commented said Lindsey Mazza, global retail lead, Capgemini Group.
“It is crucial for retailers to transform their operations in order to pass on cost benefits to consumers, who are increasingly selective in their choice of products and brands.”
The Capgemini Research Institute conducted a survey involving 11,681 consumers aged 18 and above in 11 countries across North America, Europe, and Asia Pacific. The global survey was carried out during October and November 2023.
In our global consumer survey, we found that 52% of consumers are extremely concerned about their personal finances. How does this influence their purchasing behaviors?
— Capgemini (@Capgemini) January 11, 2024
Find out in our #ConsumerTrends report 👉 https://t.co/oedj6MRAU9#ConsumerBehavior pic.twitter.com/DeSyU4MTug
