Consumers increasingly prefer – and are willing to pay for - ethically produced goods that are use sustainable or recycled materials, according to a new study by Monash University.
The research shows a significant shift in decision-making and purchase drivers of consumer behavioir, with shoppers now more likely to purchase from a brand or retailer that aligns with their personal values.
These attitudes give rise to a new type of 21st century individual, the post-growth consumer, according to lead researcher Dr Eloise Zoppos, from Monash Business School’sAustralian Consumer and Retail Studies unit (ACRS). And these consumers are changing the retail landscape.
“Consumers today find less joy in excessive spending, and choose to spend money on experiences rather than material goods. The modern shopper is constantly searching for meaning, not only in how they live, but also how they consume,” Dr Zoppos said.
“Price and convenience aren’t the only purchase drivers anymore; consumers want to buy ethically, with global impact being front-of-mind.”
Research shows that 91 per cent of consumers want brands to use sustainable ingredients or material, and 92 per cent believe sustainable business practices should be standard. More than half of people think it’s important that products are fully made from recycled materials.