According to the American Express Trendex survey, Indians desire to make a positive influence on the environment by prioritising spending on sustainable items and supporting local companies. Indian respondents are the most interested in spending money on items that will have a positive impact on local businesses and communities, with 87 percent always or frequently purchasing sustainable products and 97 percent interested in spending money on items that will have a positive impact on local businesses and communities.
What is American Express Trendex?
The American Express Trendex is a trend index that examines consumer, small business, and merchant attitudes around spending, saving, travel, and other topics. Data is gathered monthly in the United States and biannually everywhere in the world, including the United Kingdom, Australia, Japan, Mexico, India, and Canada.
This Morning Consult poll was conducted between March 8th and 13th, 2022, among a national sample of 1,998 adults in the United States, 1,000 in Japan, Australia, India, the United Kingdom, and 999 in Mexico and Canada who have a household income of at least $70K and travel by air at least once a year. A total of 7,996 Global Adults were included in this investigation.
Key Findings of the survey
According to the study, 98 percent of Indian respondents desire to spend money on things that will aid in the development of low-carbon societies around the world. 97 percent believe that all products should be obliged to be environmentally friendly, and 96 percent consider the environment while making purchases. With rising understanding of the benefits of sustainable products, 92 percent of Indian people questioned are willing to pay a premium for sustainable items. Increased product availability and a greater awareness of the product benefits are major motivators for 43 percent of Indian adults polled to purchase sustainable items in the future, while a better price point is for 37 percent.
Manoj Adlakha, SVP and CEO, American Express Banking Corp India said, “Indian customers are making conscious decisions and shifting their buying patterns by prioritizing spending on sustainable products thereby contributing to local businesses and leaving a positive impact on the planet. Ever since the pandemic hit the world creating an irreversible impact on millions of people around the world, people are becoming increasingly mindful about the purchases they make and the impact that will create for generations to come.”
– Giving back to the environment
98 percent of Indians polled want corporations to make it easier for them to minimise their carbon footprint, while 97 percent say they will be more loyal to a company or brand that tries to address environmental challenges.
– Preference for sustainable products
92 percent of Indian adults surveyed are willing to pay a premium for sustainable products, with 94 percent of those willing to pay a premium saying they would pay at least 10% more for sustainable products, 29 percent willing to pay 50% more for sustainable products, and 23 percent willing to pay even more than 50%. In terms of categories, 96 percent of Indians polled said that one of their goals for 2022 is to make more sustainable choices when buying clothes, tech products, eating food, and travelling, and 86 percent of them have already begun shopping at secondhand or consignment stores rather than buying new items to reduce environmental impact. More over half of Indians respondents (55 percent) assess the quantity of plant-based options available at a restaurant when deciding where to eat.
– Endorsement for sustainable products
Approximately 97 percent of Indians polled said they would be more likely to shop with a firm that takes steps to mitigate the effects of climate change, and that they trust brands that seek to address environmental issues.
– Awareness about sustainability issues
In the last year, Indian adults have become more interested in a variety of sustainability subjects, with air pollution (96 percent) and recycling, renewable energy, and climate change (95 percent) gaining the most traction.
– Sustainability consciousness of GenZ/millennials
According to the report, 57 percent of GenZ/millennials intend to buy sustainable products this year to help lessen their environmental effect. According to the report, 72 percent of GenZ/millennial Indians are more willing to discuss environmental issues with their children.