There has recently been a plethora of studies, surveys, and findings demonstrating that regulators, consumers and B2B customers are increasingly demanding sustainability, and for good reason. There’s an undeniable business case for sustainability that my clients experience, but it’s helpful to see that sustainability is affecting direct to consumer products, as well as B2B in most, if not all industries. Here’s a few key findings from Bain & Co.’s survey of 19,000 consumers, and 500 B2B buyers:
- 60% of consumers say their climate change concerns have increased over the last two years.
- 36% of B2B customers would change their suppliers if their sustainability needs are not met.
- US consumers are willing to pay 10% more for products with minimal environmental impact, and 15% more for products that are healthy.
- 85% of suppliers are embedding sustainability into what they sell, but only 53% of customers say those efforts are meeting all their needs.
Very simply, sustainability is becoming increasingly regulated at the State (Climate & EPR) and Federal (Climate, PFAS) levels, which means it is becoming a compliance issue, but smart companies that authentically adopt sustainability and make it a core value of their business will differentiate themselves from those who are “complying” and will fully realize the business case for sustainability.
If your company needs help measuring and improving its sustainability performance, engaging suppliers, or communicating your sustainability results to the growing number of concerned consumers, check out our Sustainability Consulting Services.