People willing to pay more for sustainable products

Despite inflation and economic uncertainty, more than two-thirds of Americans (68%) are willing to pay more for environmentally sustainable products compared to competitors that are not sustainable, according to the 2023 Business of Sustainability Index (“BOSI”) by PDI Technologies,

“Over the past three years, BOSI has measured Americans’ accelerating demand for sustainability to help companies better understand how to meet those evolving needs,” said Brandon Logsdon, President of Consumer Engagement, PDI Technologies.

When asked about purchasing gasoline specifically, 64% of Americans said they would pay more at the pump if the carbon emissions were offset with sustainability efforts, such as planting trees. That number was even higher for Gen Z (76%), Millennials (67%), and parents (74%).

The data demonstrate the steady growth in demand for sustainability across the U.S., compared to 64% and 66% of Americans saying they would pay more for sustainable products in BOSI 2021 and BOSI 2022, respectively.

Young people are especially open to paying more for sustainable products, with 77% of Gen Z (ages 18-26) and 72% of Millennials (ages 27-42) saying they would do so. Parents were also prepared to open their wallets for sustainability, with more than three-fourths (76%) noting they would pay more.

“The data is clear: Consumers overwhelmingly want sustainable products and are willing to pay more for them. Companies that understand sustainability as a strategic business asset are well positioned to gain market share and grow faster than their competitors.”