It goes without saying that today’s consumers are price-conscious. But that doesn’t mean they’re letting environmental concerns fall by the wayside. As more people experience environmental issues firsthand, they’re increasingly looking for environmentally responsible products and companies.
As a result, sustainability joins an important list of factors, which includes price, design and functionality, that shoppers are considering when purchasing items for their homes.
In Search of Environmental Responsibility
Fifty-eight percent of U.S. consumers say environmental responsibility is very or extremely important when purchasing a home good – a 30% increase over last year (according to the 2024 Value Equation Index from Springboard Futures). When you consider that the percentage of those who said it’s not important is down 28% over the same time period, you can see “the balance is quickly shifting,” says Tom Mirabile, Springboard Futures principal and founder.
Why the drastic change? Roughly 60% of global consumers said their concerns about climate change have increased over the past two years, according to a global survey earlier this year from Bain & Company.
When Bain & Company asked respondents why they started buying sustainable products, the No. 1 response was “personally experiencing the impact of environmental issues” (e.g. floods, pollution, wildfires). That was followed by “news/magazine articles or documentaries” (35%) and “these products becoming available where I shop” (33%).
What They’re Looking For
There are a number of different ways to evaluate a product or company’s environmental impact, and some practices can be quite complex. A recent global study from PwC found that consumers are finding ways to assess brands’ sustainability practices through tangible attributes like production methods and recycling (40%), eco-friendly packaging (38%) and making a positive impact on nature and water conservation (34%).
Yet for all the complexity of some of these issues, retailers can also simply reduce their environmental footprint by embracing local makers, local manufacturing and products made with local materials. “Localism….chips away at our reliance on fossil fuels used for transportation,” The Retail Bulletin reminds us. “Another benefit is that these grassroots initiatives help build trust and deepen relationships with customers.”
Impact of Price
The Bain & Company survey confirms there’s a common perception in developed markets that living sustainably is inherently more expensive, though this isn’t always the case.
But will consumers pay more for a product that is sustainable or responsibly produced?
“It depends,” says Joe Derochowski, vice president and home industry advisor at Circana. “This is where concept testing or concept and use testing, along with pricing and promotion analyses, can help answer this type of question for a specific situation. Even if they don’t want to pay more, it can be for some a tie-breaker. The critical question is does the product do the job it is intended to do and do the job to the consumer’s level of expectation.”
Marketplace for Sustainable Homewares
That’s why a recent portfolio in the HomePage News InSight™ Trend Index 2024/25 highlights home and housewares products selected not just for their sustainability, but a combination of factors including design, functionality and user benefits.
The “Future Focus” portfolio features a wide array of products made with environmentally friendly materials, upcycled or recycled design and production, resource aware design and production, and social and environmental stewardship. Just a few examples include:
- Cleaning tools from Full Circle made entirely from recycled fishing nets recovered from oceans.
- The Bellwood Pantry Collection from Umbra, which is made with recycled plastic and renewable wood sources. Umbra is also reducing waste by changes to packaging, shipping and production.
- The Fabulous 8-in-1 Pan from Cookut, which reduces a consumer’s need for multiple products (and is also made of recycled metal).
- Environmental stewardship from Brabantia, where improvements to material safety, climate protection, natural resource stewardship and social equity are propelling them to a goal of being 100% circular by 2035.
Access more innovative and environmentally responsible home products, as well as expert insights on the sustainability marketplace, in “Future Focus” – the 4th portfolio in the HomePage News InSight™ Trend Index 2024/25.