Key Points
New Delhi: Over 60 per cent of businesses surveyed are "off track" to meet their sustainability goals, according to a report by Bain & Company, which also found that consumers are willing to shell out a premium for sustainable products..
"As extreme weather prompts growing environmental concern across the globe, new research from Bain & Company shows more than 60 per cent of businesses are off track to meet their current sustainability goals," it said.. Progress will require a combination of technology, policy, and behaviour change, the report said, adding that an increasingly conscious base of consumers and employees may prove helpful...
Consumers express a greater interest in quality, how a product can be reused, its durability, and how it will minimise waste," it said.. Karan Singh, Partner and head of the Asia Pacific Sustainability practice at Bain & Company, said while Indian consumers show growing interest in sustainability, there's a noticeable gap between intent and action, mainly due to factors like high prices, limited product information and availability...
"This presents a distinct opportunity for businesses to take the lead by educating consumers and innovating to offer sustainable products at attractive prices," Singh said.. Consumers' willingness to pay a premium for sustainable products and baby boomers being just as concerned as Gen Z, were the other key takeaways from the report...
"Consumers in fast-growing markets, where Bain found environmental concerns to be highest - such as India, Indonesia, Brazil, and China - are willing to pay an even greater premium, between 15 and 20 per cent..
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