Americans Say Cost of Living Negatively Impacts Sustainable Choices
NEW YORK, Nov. 15, 2022 (GLOBE NEWSWIRE) -- A new report from leading global market research agency Savanta finds that Americans consider a soaring cost of living the most important issue facing the country. As such, a third of Americans forgo sustainable purchases due to their shrinking spending power. The Savanta Sustainability Segmentation 2022 report segments consumers into seven groups, based around the well-publicized ?say-do' gap and plotting consumers' intentions to behave more sustainably against the real-world steps they have taken to date. Overlaying this analysis with socio-political values and personality traits creates a holistic view of the various capabilities, motivations, and opportunities of different consumers.
AMONG THE KEY FINDINGS
Americans are Apathetic About the Environment When Compared to Other Countries
The report, which also includes the U.K. and Canada, shows that people in the U.S. are less concerned with the climate crisis overall. All three countries ranked an increasing cost of living as their top concern. Adults in the U.K. and Canada ranked climate change as a top three concern. U.S. adults cited the cost of living, crime & policing, and economic growth as their top issues - the risks of climate change did not make the top three.
Cost and Convenience Are Top Priorities Across the Board, For Any Purchase
Nearly half (48%) of the respondents say they find it difficult to save consistently, if at all. Accordingly, Americans are pinching pennies, indicating that price is a key factor in purchasing decisions, more so than sustainability. The report looked at intentions and actions across grocery shopping and food consumption, lifestyle, home energy usage, travel habits, and finance. Within each sector, sustainable choices rank low - i.e. only 24% are focused on purchasing from ethical companies committed to making a positive social impact.
Climate Change is a Top Three Concern for Gen Z, but Cost of Living is still #1
Like everyone else, 18-24s see the cost-of-living crisis as the biggest challenge today (32%). More than half (53%) are concerned about sustainability, but are unlikely to take action and consider sustainability when making purchase decisions - yet. While it's widely reported Gen Z are willing to spend more on sustainable products, it's also true that, like other age groups, value for money remains their top criterion. Gen-Z is the most likely age group to read books, watch documentaries or listen to podcasts about sustainability. In some ways?for example, politically?Gen Z are the most active at promoting sustainability and pushing it up the agenda. The 18-24s are the most likely to have boycotted a brand or product (22%)?which serves as a stark warning for any companies with unsustainable practices.
"Sustainability is top of mind for consumers?isn't it? Savanta's Eco Segmentation breaks down whose actions match their words, and which consumers are more focused on other issues. This report acts as a guide for brands who want to stay relevant in the age of consumer promiscuity, where finding the balance between eco-focused and cost-cutting will be a must for many," says Nikki Lavoie, Executive Vice President Global Experience Strategy at Savanta.
Methodology
This report is based on the findings of a survey of 12,016 adults aged 18+ in the United Kingdom (5,005), United States (5,006), and Canada (2,005). Data are weighted to be representative of age, gender, region, and social grade (U.K.) or income/education (U.S. and Canada). Fieldwork took place April 11-28, 2022.
About Savanta
Savanta is a fast-growing, global, data, market research and advisory company that informs and inspires its clients through powerful data, empowering technology, and high-impact consulting, to enable its clients to make better decisions and achieve faster progress.
To learn more about Savanta, visit https://savanta.com, or follow us on LinkedIn @Savanta and Twitter @Savantagroup.
Press Contact:
Ashley Alderman
[email protected]
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