Hong Kong consumer survey finds majority willing to pay more for sustainable goods
- The results showed 78 per cent have paid higher prices for more sustainable products or services
Consumers in Hong Kong feel that their favourite brands are not doing enough on sustainability, and they are willing to pay higher prices for sustainable products, according to a survey whose results were published on Friday.
The survey, conducted by communications agency Echo Asia and sustainability consultancy PIE Strategy, interviewed 1,199 consumers in Hong Kong who were between 18 and 65 years old, although a majority were in the 18 to 49 age group.
The results showed 57 per cent of respondents felt that their favourite brands were not doing enough on sustainability and 78 per cent said they have paid more for a more sustainable product or service.
Nearly 70 per cent said when quality and prices are similar, they would choose products with sustainability elements and nearly a third said they would avoid purchasing products with poor sustainability performance.
“This study broadens the debate on sustainable consumption behaviour,” said James Chan, the co-founder and senior sustainability consultant of PIE Strategy.
The result echoed the findings by McKinsey and NielsenIQ’s study that the consumers are shifting to environmental, social, and governance (ESG) products after the pandemic, under the concept of “health of the planet”.
