Study: Consumers Will Pay For Sustainable Packaging The overwhelming majority of global consumers are willing to pay more for sustainable packaging in order to decrease the impacts of non-recyclable packaging on the environment, according to new research done by Trivium Packaging. Land-origin plastic pollution has both severe eco- nomic and environmental impacts on the world, its people and businesses, according to Trivium. Plastic pollution could be resulting in an estimated economic loss of $19 billion for 87 coastal countries, according to a recent Deloitte study, while the toll plastics have on ocean ecosystems has been heavily documented. Public opinion, according to the survey, has turned so far against non-recyclable packaging use that a ma- jority of people would pay a premium to see their goods packaged in eco-friendly materials. Responses
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from more than 15,000 U.S., Europe and South Ameri- ca consumers saw nearly three-quarters, or 74 percent of the global survey — developed in partnership with Boston Consulting Group — state they would pay more for sustainable packaging. Willingness to pay was consistent across all income categories, but how much more consumers are willing to pay correlates positively with income. The study surveyed participants for their preferences related to sustainable packaging along with their will- ingness to pay more for products with environmental- ly friendly packaging.Apparently, 65 percent of those polled said they associate plastic with ocean pollution, while 57 percent said they saw it as ‘harmful’. Firms willing to tap into this sentiment could see buoyed sales, even if their products are marginally more expensive.The report pointed to an NYU Stern School of Business survey which found that sustain- ability-marketed products now grow at 5.6x the rate of conventional products. “This increased consumer awareness, driven by in- creased media coverage of the environmental impacts of pollution and large corporations transitioning away
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8 June 8, 2020 Flexo Market News
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