Nearly 9 in 10 shoppers are willing to pay more for sustainable products
Most shoppers expect the government to lead sustainability efforts.
A study has proven that Singaporean shoppers are eco-conscious as 85% of them are willing to shell out more cash for eco-friendly products, consulting firm, Bain & Company said.
In its report, “Unpacking Asia-Pacific Consumers’ New Love Affair with Sustainability,” about three in 10 said they will spend more to buy more sustainable products in the future.
It also found that almost half of shoppers have been buying sustainable goods in the past two years. Nearly five in 10 consumers said they listed health benefits as a top purchasing criterion; whilst 10% said they seek environmental and social benefits when buying products.
When enforcing sustainability efforts, 35% of consumers said the government must lead the sustainability efforts; whilst 27% of shoppers said brands must be at the helm of implementing measures against the climate crisis.
The Bain Asia-Pacific Environmental, Social, and Corporate Governance Survey in January 2022 polled 16,824 consumers in Singapore, Australia, Japan, South Korea, Thailand, Malaysia, Vietnam, China, India, Indonesia, and the Philippines.
Amidst the ratification of the Paris Accord, Bain & Company noted Singapore’s sustainability policies such as reducing waste sent to landfills per capita per day by 30% by 2030 and mandating all listed firms to provide climate reporting.