Data finds consumers are putting their money toward brands that support environmental causes
SANTA CLARA, Calif.–(BUSINESS WIRE)–#propelpvm–In a new survey, Propel Software, creators of the first product value management (PVM) platform, found that 55% of Americans would “break up” with a brand if they discovered it wasn’t eco-friendly.
The survey, commissioned by Propel and conducted by OnePoll, discovered 68% of adult males and 55% of adult females say eco-friendly products or causes are important when they make purchasing decisions. It also found that 44% feel more emotionally invested in companies that follow/demonstrate sustainable business practices.
The poll of 2,000 U.S. adults revealed that Americans will spend 33% more on green products in 2024 than in 2023. Consumers plan to spend an average of $12,000 on eco-friendly products this year, up from the reported $9,000 in the past year on sustainable products including electric cars, household cleaners, small and large electronics, and appliances.
In terms of where consumers look to find eco-friendly claim information, the survey found 47% of consumers look at product packaging, 35% are searching on brands’ websites, and 21% rely on advertisements.
“Transparency is important to consumers, and brands should take note if they want customers to continue to be brand loyal. The majority of respondents (65%) say they will look for environmental claims when making a purchase,” said Ross Meyercord, CEO of Propel Software. “Today’s consumers are savvy and not easily tricked, as 42% said they can tell when a company is trying to ‘greenwash’ what they do.”
In fact, 45% of U.S. consumers reported if they discovered a favorite brand was “greenwashing” products, i.e., making misleading claims about a company’s eco-friendly status, they would likely purchase from an eco-friendly competitor instead.
When looking at sustainability through a political lens, 73% of Democrats and 50% of Republicans said it was important to buy eco-friendly products or support eco-friendly causes.
“Data shows consumers, regardless of political affiliation, are putting their hard-earned money towards brands and products that elevate environmental causes,” said Meyercord. “And, those brands that accurately communicate their environmental practices to consumers are being rewarded with loyal customers that are spending more with them. Green companies partnering with green consumers makes for a happy, healthy planet.”
Propel’s PVM platform is instrumental in helping companies maintain, track, and market sustainability efforts by managing the value chain in one shared product record. With contextual collaboration among R&D, engineers, sales, and marketing teams, every product touchpoint is able to capture and share sustainability practices, efforts, and claims across the business.
To learn more about this data and how Propel is helping product companies grow their business by connecting product and commercial teams to work smarter and more efficiently, you can register for Propulsion 2024. Propel’s annual event will be held this year in Chicago from May 13 – 15 and will uncover market trends, predictions, and best practices from industry experts. Click here to register.
Static and animated survey infographics are available for review and download here.
About Propel Software
Propel helps product companies grow revenue and increase business value. Our product value management platform connects commercial and product teams to optimize decision making, drive process efficiencies, and engage customers with compelling products and experiences. Propel has a proven track record of improving product quality, speeding time to revenue and profit, and improving customer satisfaction. Recognized multiple times as a Deloitte Technology Fast 500 winner, Propel is built on Salesforce and drives product success for hyper growth startups, corporate pioneers, and Fortune 500 leaders in the high tech, medtech and consumer goods industries. For more information, visit propelsoftware.com and follow us on LinkedIn.
Contacts
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