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How 2024 Consumers Are Prioritizing Sustainability
Peekage
May 07, 2024
Hey There! 👋
Welcome to Peekage CPG Insights newsletter, your gateway to the latest trends, strategies, and insights shaping the consumer packaged goods landscape.
In this edition, we delve deep into the realm of sustainability, focusing on consumer behavior, trends, and preferences. Join us as we uncover the evolving landscape of sustainability efforts within the CPG industry and explore actionable strategies for brands navigating this dynamic terrain.
Here is a summary of our latest studies:
Do you want to go straight to the full version? Click here to read the full article.
📈 Sustainable Shifts
Over 70% of consumers reported that they are now consuming significantly more sustainable products compared to a year before. This trend is upward, reflecting a growing consumer understanding of sustainability practices and eco-friendly products. Consequently, more consumers are likely to switch the items in their shopping baskets to eco-friendly or sustainable alternatives.
💡 Brands should quickly adopt sustainable and environmentally friendly strategies for their products, or they risk losing their market share.
Consumer consciousness regarding the environmental and social impact of their food and beverage choices is on the rise. More than 70% of the participants claimed that environmental and social impacts are important factors when switching to new brands.
💡 This change reflects a growing consciousness and market opportunity for brands that prioritize and communicate their commitment to sustainability.
💰 Price vs. Purpose: The Cost of Going Green
Price remains a critical factor in sustainable purchasing decisions. Almost 40% of consumers are willing to switch to sustainable products if the price is competitive with their incumbent choices.
💡 To appeal to a broad consumer base, consider strategies such as price matching, highlighting the long-term savings or value of sustainable products, and offering promotions.
Beyond the obvious factor of cost, limited accessibility stands out as the primary barrier for consumers to transition to more sustainable products. This represents a significant market opportunity; simply enhancing accessibility can give brands a competitive edge.
💡 Addressing accessibility concerns is not only vital for sustainable product adoption but also presents an exciting opportunity for brands to innovate and thrive in the green market landscape.
About Peekage
Peekage is an insightful product testing platform that provides affordable and fast consumer insights for CPG brands by collecting data through targeted at-home product testing and retail sampling.
Marketing teams leverage Peekage to boost awareness, drive sales, and increase retail velocity, and product and innovation teams use Peekage to run deep in-home product testing to optimize products, packaging, positioning, and messaging.