Sustainability is becoming a big trend in the packaged goods and fashion industry as environmental concerns are increasingly top of mind for consumers.
The U.S. sustainability market is projected to reach $150 billion in sales by 2021, according to Nielsen.
We used clothing brand Reformation as a case study of sorts and spoke with experts in consumer behavior and the fashion industry to better understand the sustainability movement, why consumers love it, and how more brands can do their part.
A good product is no longer enough to win a consumer’s favor. Shoppers want more than just quality, often looking for products and brands that align with their personal values.
It seems obvious. Why support a brand financially if we don’t agree with their social and environmental values? In the face of climate change, those of us who care enough are ready to consider the consequences of our shopping habits.
The fashion industry is one of the biggest culprits when it comes to pollution. According to the United States Environmental Protection Agency, 26 billion pounds of textiles end up in landfills each year. Realistically, most of us won’t quit shopping cold-turkey. We may not even give up all fast-fashion. But, many people are willing to change their habits for the better.
Dr. Matt Johnson, professor at Hult International Business School and founder of neuromarketing blog Pop Neuro, says, “There is accumulating evidence that consumers are impacted by the perceived sustainability of [a] brand, and further, that consumers are willing to pay a premium for products from a sustainable brand over a non-sustainable competitor brand.”
Value and ease of purchase are still the main drivers of purchase decisions, but sustainability is becoming a bigger factor. …read more
Source:: Business Insider