As we are learning each day, marketing sustainability pays off. In the past, that was not always true. For two reasons. Firstly, many people thought sustainability was just marketing hype. Secondly, many consumers avoided the higher prices of sustainable products. But that is changing.
To paraphrase Merriam-Webster: Sustainability refers to using a resource in a manner so that this resource will not become depleted or permanently damaged.
For good background information, read these two posts. Evolving State of Sustainability in Marketing and Broadening Concept of Sustainability in Marketing.
As Nielsen Shows, Marketing Sustainability Pays Off
According to a new Nielsen report:
“The ways in which companies deliver on their brand promises to consumers is steadily widening. Due to sustainability expansion well beyond food and beverages. Indeed, we expect sustainable-minded shoppers to spend up to $150 billion on sustainable products by 2021. As sustainability starts to drive gains in everything from resource management to product packaging. Here’s a glimpse into the myriad ways in which consumer packaged goods companies embrace sustainability. As well as outperform along the way.”
The following chart highlights some examples from Nielsen. [Please note: CPG refers to consumer packaged goods.]
Millennials are growing to be the largest population alive and climate change is top of mind for many of them. Simply, look at how many attended the recent climate change march. So it’s not surprising to see sustainability rise in ranks. It was interesting to read, the expectation “sustainable-minded shoppers [are expected] to spend up to $150 billion on sustainable products by 2021.” As this information is particular to CPG, we can already see keynote brands like Starbucks getting away with straw. All-in-all, sustainability will rapidly become weaved into corporate strategy planning. On a side note, Hofstra now is offering a sustainability course which I’m most excited about.