Retailers Not Aware Of Consumer Sustainability Preferences

A profound sustainability knowledge gap exists between retailers and consumers, which presents opportunities for retailers not only to bolster their reputations and enhance consumer loyalty, but also to increase profits, says a report from First Insight. In fact, retailers were surprised to learn that consumers are willing to spend more for sustainable brands. While two-thirds of consumers say that they would pay more for sustainable products, two-thirds of retailers believe that consumers would not be willing to spend more for sustainable brands. Equally revealing is the discovery that while nearly three-quarters of the consumer respondents value product sustainability over brand name; nearly all – 94 per cent – of the retailers believe the opposite, saying that brand name would be more important to consumers than sustainability. Moreover, retail executives rank brand-operated resale/reCommerce programs lowest when asked what type of sustainable shopping formats consumers would utilize the most. However, 41 per cent of consumers say they already shop at brand resale/reCommerce programs.