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A Recent survey finding claims that customers across Europe are willing to pay more for a Sustainable T-Shirt than a regular one.
The survey was conducted by IBM and Morning Consult with 1,000 adults from Germany, Italy, Spain, and the UK. The Summary of Findings are,
- Germans are most willing to spend more on sustainable fashion, willing to pay €15.84 on average for a sustainably produced white T-shirt, €3.94 more than they would pay for a basic version. (Prices mentioned are selling prices)
- Brits, by contrast, are the least willing and say they would typically spend £9.45 (€10.36) on a T-shirt and would stretch to £11.39 (€12.40) for a sustainable one.
- ‘Gen Z’ will pay 50 percent more for something sustainably made.
- The older shoppers are less interested in Sustainable Fashion.
Few more interesting points are,
- The majority of consumers in every country bar Germany spend less than two minutes researching the sustainability of clothing prior to purchasing.
- In the UK, 45% of adults spend no time at all researching Sustainability.
- Labour and supply chain issues tend to resonate most with consumers.
- Fifty percent or more of consumers in every country say fair conditions and wages for workers are very important to them.
- Environmental concerns like protecting biodiversity and low water use, meanwhile tend to have less buy-in, particularly in the UK.
- Whereas Spain & Italian consumers are much inclined towards all six factors Fair wages and work conditions, responsible Raw materials, Circular economy, Low use of chemicals, Low CO2, Protecting biodiversity, and low water use.
- On a broader note, more than 50% of UK survey respondents think “Fair Wages and Working Conditions are very much important and issues associated with that have an impact on their buying decisions.
- Whereas only 30% of UK survey respondents think other factors such as Responsible Raw materials, Circular economy, Low use of chemicals, Low CO2, and Protecting biodiversity are “Very Much Important”.
- More than 75% of the survey respondents from Italy and Spain expect Transparency in the Supply chain, especially Where and who is involved in the making of the product.
The survey findings give insights into the following
- The country which Pays more attention to what kind of Sustainability best practices
- Consumer’s awareness of Sustainability and Strategies to address that Gap
- Transparency in Supply chain Due diligence
- Scope for Technology adoption to tell our story better – Blockchain for traceability and QR Code as a Consumer-facing tool would serve better?
Customer insights are the one that drives our business towards adopting New strategy through Technology and Innovation. Now the answer to our Title: Yes you can make good money through selective certification and a structured Sustainability program. If you are interested to learn more about how VRNC could assist you with Various Sustainability Initiatives Drop your Query Here.