Bain & Company’s report reveals that over 60% of businesses are falling short of their sustainability goals, with Indian consumers expressing a high level of concern about environmental sustainability. This increase in concern may be attributed to rising pollution levels and the occurrence of flash floods in the country.
The report also found that consumers in fast-growing markets like India are willing to pay a premium of 15-20% for sustainable products. However, it noted that Indian consumers are still in the early stages of understanding sustainability, with many behaviors influenced by cultural norms and financial realities.
According to Karan Singh, Partner and head of the Asia Pacific Sustainability practice at Bain & Company, there is a notable gap between intent and action among Indian consumers, driven by factors such as high prices, limited product information, and availability.
Despite this, consumers worldwide are increasingly willing to pay more for sustainable products, with the report highlighting key takeaways such as baby boomers being just as concerned as Gen Z, and consumers in fast-growing markets showing the highest environmental concerns, willing to pay a 15-20% premium.
This indicates a growing urgency for businesses to educate consumers and innovate to offer sustainable products at attractive prices. As concerns about sustainability grow, consumers are looking to make environmentally sound choices, prompting a need for businesses to address barriers and meet consumer demands for sustainability.
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