More than two fifths (42%) of global consumers are contemplating changes to their diets due to the effects of climate change on food prices and availability, the latest EY Future Consumer Index has found.
In addition, approximately 29% of respondents report having already made adjustments to their dietary choices in response to the challenges posed by climate change.
In addition, two thirds (67%) of consumers state that their commitment to driving positive change is rooted in a genuine concern for the planet’s fragility.
Lifestyle changes
The Future Consumer Index reports that older generations are more actively adopting lifestyle changes to reduce their environmental impact. For instance, 65% of baby boomers bring reusable bags to the store, while only 43% of Gen Z follows this practice.
In addition, 63% of baby boomers recycle or reuse packaging after use, compared with 48% of millennials.
At the same time, when it comes to sustainable spending, younger generations show a greater willingness to pay a premium for eco-friendly products. Some 37% of Gen Z consumers expressed a willingness to pay for more sustainable goods and services, compares to 29% of baby boomers.
The EY report, based on a survey spanning 28 countries with insights from over 22,000 consumers, found that consumers worldwide are prioritising climate change and the cost of living when engaging in purchasing decisions.
Some 94% prioritise the cost of living, and 89% emphasise climate change as their top concerns, it found.
The report also indicates that individuals are taking advantage of discounts and deals while also considering the sustainability credentials of their choices.
Intention vs action
Commenting on the findings, Colette Devey, EY Ireland partner and consumer products and retail lead, said, “Historically, there has been a gap between intention and action for governments, companies, and consumers in their efforts to address sustainability.
“However, consumers are now increasingly willing to take sustainability actions that will either save them money or incur no additional costs. They are more willing than ever to comply with government schemes designed to encourage sustainable behaviour.”
