EY Future Consumer Index

Rising cost of living forces consumers to tighten grip on finances and get creative with sustainability - Seite 2

Sustaining sustainability versus trends
Despite increasing momentum and pressures to live in a more environmentally friendly way, consumers' efforts are being stunted by the rising cost of living. Sixty-seven percent of global respondents say the high price of sustainable goods and products is significantly putting them off from buying them. However, consumer sentiment toward sustainability has improved compared to May 2021: fewer associate sustainable products with low quality (67% May 2021 vs. 58% May/June 2022) or poor durability (58% vs. 50%) and more are increasingly trusting the information about sustainable products from the companies that make them (lack of trust decreased from 59% to 51%). Consumers are seeking new methods of conscious consumption with 87% of respondents trying not to waste food and 36% saying they will buy more secondhand products, up from 30% in February 2022.

Driven by the current demand for affordability, consumers are substituting non-essential spending categories and looking for alternatives, making what they have more sustainable. Sixty-four percent of global respondents state they no longer feel the need to keep up with seasonal fashion trends, and more (69%) are attempting to repair their belongings rather than replace them, presenting a challenge to fast fashion retailers as they target a more conscious consumer. Sixty percent of respondents say they are more comfortable in their own skin, relying less on beauty and cosmetics to boost confidence, up 7% from October 2021.

Rogers says:
"Despite consumers finding ever more creative ways to adapt to rising living costs, businesses must not become complacent with their sustainability efforts. Consumer businesses need to offer new opportunities to retain customers, such as by offering lifetime repairs to reduce the number of replacements and the brand's environmental impact. Businesses must maintain momentum – consumers aren't compromising on sustainability, but finding alternative ways to live their values. When economic challenges ease, consumers will align with businesses they trust and who share the same values."