Business

Indians prioritize spending on sustainable products and contributing to local businesses

Sustaining Cost Leadership: Dalmia Bharat Limited
Sustaining Cost Leadership: Dalmia Bharat Limited

Indians want to leave an impact on the planet by prioritizing spending on sustainable products and contributing to local businesses, as per the American Express Trendex report. 87% of Indian respondents always or often purchasing sustainable products and 97% interested in spending money on items that will have a positive impact on local businesses and communities, which is highest amongst all the other surveyed countries.

  • 87% of Indian adults surveyed always or often purchase sustainable products
  • 97% of the Indian respondents are interested in spending money on items that will have a positive impact on local businesses and communities
  • 98% want to spend money on items that will help build low-carbon communities around the world

The survey further reveals 98% of Indian respondents want to spend money on items that will help build low-carbon communities around the world. 97% think all products should be required to be environmentally friendly while 96% think about the impact on the planet when making purchase decisions. Encouragingly, 92% of Indian adults surveyed are willing to pay a premium for sustainable products with growing awareness on the benefits of sustainable products. For 43% 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%, 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.”

  • Key insights:
  • Giving back to the environment – 98% Indians surveyed wish companies would make it easier for them to reduce their carbon footprint whereas 97% of surveyed Indians will be more loyal to a company/brand that works to address environmental issues.
  • Preferring sustainable products -92% of Indian adults surveyed are willing to pay a premium for sustainable and 94% of those Indian adults that would pay a premium say they would pay at least 10% more for sustainable products while 29% are ready to pay 50% more for sustainable products and 23% of them even higher than 50%. In terms of categories, 96% of Indians surveyed, one of their goals in 2022 is to make more sustainable choices when purchasing clothes, tech products, eating food and while traveling and 86% 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%) of Indians surveyed consider the number of plant-based options available at a restaurant.
  • Endorsing for sustainable products- About 97% 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%) and recycling, renewable energy, and climate action (95%) gaining the most interest.
  • GenZ/millennials more sustainability conscious – 57% surveyed GenZ/millennials respondents are more likely to plan on purchasing sustainable products this year to help reduce their environmental impact. 72% GenZ/millennials Indians surveyed are more likely to talk to their children about environmental issues.

1American Express Trendex – The American Express Trendex is a trend index that tracks how consumers, small businesses, and merchants are feeling about spending, saving, travelling and more. Data is sourced monthly in the United States and biannually globally, including in the UK, Australia, Japan, Mexico, India, and Canada.

Survey Methodology: This Morning Consult poll was conducted between March 8-13th, 2022 among a national sample of 1,998 in the US, 1,000 in Japan, Australia, India, UK, and 999 travelers in Mexico and Canada who have a household income of at least $70K and defined as adults who typically travel by air at least once a year. This study has an overall sample of 7,996 Global Adults.

Within this audience, the Gen Z/Millennial demographic group is defined as respondents who were born between the following years:1981- 2004. Results from each market’s survey have a margin of error of plus or minus 3 percentage points.

ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports.
This article was shared with Prittle Prattle News as a Press Release.
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