Around 7 in 10 say rising cost of living prevents them from making sustainable choices
The majority would prioritise saving money over saving the planet.
Even if 97% of Singaporeans are planning to live a sustainable life, 70% said that the increase in the cost of living has become a challenge for them to practice sustainability.
In a report, Kantar said that 72% of Singaporean shoppers say that products that are “better” for the environment and society are more expensive, and only around 30% of those “struggling” with their budgets buy from brands that aim to offset their environmental impact.
The report also found that two in three are more concerned about saving money instead of saving the planet.
“The cost-of-living crisis means affordable price points are an imperative to ensure shoppers convert their intentions into action when it comes to sustainability, especially as most of us want to do good,” said Trezelene Chan, Head of Sustainability for Kantar in Singapore, adding that brands must address price concerns to avoid making sustainability a luxury.
“While there will always be a premium segment, brands must start mainstreaming and collaborating across the entire value-chain to drive economies of scale. By offering a sustainable product with a price point that more people can afford will drive mass market adoption and help brands grow their value now and in the future,” Chan added.
Aside from price, availability, quality and level of information, and greenwashing are the other barriers to making sustainable choices.
Around 56% believe that purchasing sustainable products shows who they are, and 51% are ready to invest time and money in firms.
The most common environmental issues consumers want companies to address are carbon emissions, lack of safe water, hazardous waste disposal, and air and water pollution. They also want companies to tackle overpackaging, non-recyclable packaging and landfill, overconsumption, and waste.
“Singapore is part of a region that is the most vulnerable to environmental changes and in turn, social issues. As companies work to convert their corporate sustainability strategies into clear brand actions that connect and gain trust with consumers, they must strategically align their commitment to addressing relevant category sustainability issues through communications or product offers in an easy, compelling, and meaningful way that resonate with consumers,” Chan said.