Indians want to leave an impact on the planet by prioritising spending on sustainable products and contributing to local businesses, as per the American Express Trendex report.
Eighty-seven per cent of Indian respondents always or often purchase sustainable products and 97 per cent are interested in spending money on items that will have a positive impact on local businesses and communities, which is highest among all the other surveyed countries.
The survey further reveals that 98 per cent of Indian respondents want to spend money on items that will help build low-carbon communities around the world. 97 percent think all products should be required to be environmentally friendly while 96 per cent think about the impact on the planet when making purchase decisions.
Encouragingly, 92 per cent of Indian adults surveyed are willing to pay a premium for sustainable products with growing awareness of the benefits of sustainable products. For 43 per cent of Indian adults surveyed, increased product availability and a better understanding of the product benefits are key motivators to purchase sustainable products in the future while for 37 per cent , it is a better price point.
Manoj Adlakha, SVP and CEO, American Express Banking Corp India said, “Indian customers are making conscious decisions and shifting their buying patterns by prioritizing spending on sustainable products thereby contributing to local businesses and leaving a positive impact on the planet. Ever since the pandemic hit the world creating an irreversible impact on millions of people around the world, people are becoming increasingly mindful about the purchases they make and the impact that will create for generations to come.”
Giving back to the environment: 98 per cent of Indians surveyed wish companies would make it easier for them to reduce their carbon footprint whereas 97 per cent of surveyed Indians will be more loyal to a company/brand that works to address environmental issues.
Preferring sustainable products: 92 per cent of Indian adults surveyed are willing to pay a premium for sustainable and 94 per cent of those Indian adults that would pay a premium say they would pay at least 10 per cent more for sustainable products while 29 per cent are ready to pay 50 percent more for sustainable products and 23 per cent of them even higher than 50 per cent . In terms of categories, 96 per cent of Indians surveyed, one of their goals in 2022 is to make more sustainable choices when purchasing clothes, tech products, eating food and while travelling and 86 per cent of them have already started shopping at second hand or consignment retailers rather than purchasing new items to reduce environmental impact. When making decisions about where to dine out, more than half (55 per cent) of Indians surveyed consider the number of plant-based options available at a restaurant.
Endorsing sustainable products: About 97 per cent of surveyed Indians would like to shop more with a company that takes action to reduce the impacts of climate change and are more likely to trust brands that work to address to environmental issues.
Awareness about sustainable issues: Indian adults surveyed have become more focused on a variety of sustainability topics this past year with air pollution (96 per cent) and recycling, renewable energy, and climate action (95 per cent) gaining the most interest.
GenZ/millennials more sustainability-conscious: 57 per cent of surveyed GenZ/millennials respondents are more likely to plan on purchasing sustainable products this year to help reduce their environmental impact. Seventy-two per cent of GenZ/millennial Indians surveyed are more likely to talk to their children about environmental issues.