Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Retail/  Indian consumers most open to shift buying habits to cut climate impact: survey
BackBack

Indian consumers most open to shift buying habits to cut climate impact: survey

Of the Indian consumers surveyed, 78% were most willing to change their purchasing behaviour to reduce a negative impact on the environment, according to IBM’s report on 'How the Covid-19 Pandemic has impacted views of consumers on Sustainability'

At 70%, Indian consumers have the highest levels of association of climate risk with financial risk, says the survey by IBM Institute for Business Value. (Mint)Premium
At 70%, Indian consumers have the highest levels of association of climate risk with financial risk, says the survey by IBM Institute for Business Value. (Mint)

NEW DELHI: Urban Indian consumers are most willing to shift their buying behaviour to minimize their impact on the environment, a survey by IBM Institute for Business Value said on Friday.

IBM’s report on “How the Covid-19 Pandemic has impacted views of consumers on Sustainability" shows consumers globally are willing to pay a premium and even take a pay cut—for a sustainable future.

The IBM Institute for Business Value surveyed over 14,000 adults globally from nine countries—United States, India, United Kingdom, Canada, Germany, Mexico, Spain, Brazil and China—during March 2021 to better understand consumers’ views on environmental sustainability. Especially, in the aftermath of the pandemic.

In fact, 78% of consumers in India are most willing to change their purchasing behaviour to reduce a negative impact on the environment. The percentage of respondents is the highest across all countries surveyed.

Half of the consumers surveyed globally agreed that climate change exposure of a company impacts investor's financial risk. At 70%, Indian consumers have the highest levels of association of climate risk with financial risk.

Across various parameters related to their lifestyle choices and shopping behaviour, those surveyed in India showed higher awareness and concern for sustainable choices.

In fact, 85% Indian respondents consider environmentally sustainable companies as more attractive employers. Consumers in India (63%) research on personal health and wellbeing benefits information of products before purchase. Over 90% of Indian respondents believe that their personal travel habits contribute to climate change at least a little; this is also the highest across all countries surveyed, IBM said in a statement. Close to 95% of Indian respondents are actively looking to use more environmentally friendly modes of transportation at least a little- also highest across all countries surveyed, the survey said.

IBM’s research suggests that the covid-19 pandemic has elevated consumers’ focus on sustainability and willingness to pay out of their own pockets for a sustainable future. In fact, nine in 10 consumers surveyed globally reported that covid-19 pandemic affected their views on environmental sustainability.

As a result—many are willing to change how they shop, travel, choose an employer and even where they make personal investments.

“The survey showed respondents worldwide are increasingly concerned about the global climate crisis, and we have also observed businesses in many industries looking to take action to meet their customers’ and investors’ expectations and manage their own environmental goals," said Dr Murray Simpson, global lead for sustainability, climate & transition, IBM Global Business Services.

Meanwhile, companies are also stepping up their response to sustainable practices globally. This includes adopting greater use of renewables in their supply chain, reducing plastic waste and investing in sustainable practices.

“We see many companies beginning to make strides to build transparent supply chains or improve energy management to reduce carbon emissions with the help of innovative technologies like AI and Blockchain," he said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 23 Apr 2021, 05:53 PM IST
Next Story footLogo
Recommended For You
Retail Stocks
₹4,4192.5%
₹2.040.49%
₹0.82-3.66%
₹3,873.42.28%
₹2,103.61.41%
Switch to the Mint app for fast and personalized news - Get App