Deloitte's ESG lead for the consumer industry, Emily Cromwell, suggested that based on new data, the majority of products and services are too expensive for consumers.
While the cost of sustainable living has always been high, coupling that with the current rising costs is making it nearly impossible for consumers to make the switch, despite many of them wanting to.
Based on research conducted by Deloitte, it stated that 52% of consumers who want to live a sustainable lifestyle simply are not able to afford the high costs of eco-friendly alternatives.
"At a time when making sustainable choices is more important than ever, the rising cost of living is putting pressure on consumers' finances. While it's positive to see a marked improvement in consumers buying only what they need, it's important to consider that this could also be a result of cutting back more generally. For many consumers, opting for sustainable alternatives is just too expensive." says Cromwell.
Additionally, Cromwell states, "the best thing brands can do is to persuade people to make greener choices by offering more affordability and availability. It’s also important that consumers receive enough information to understand why they would choose more sustainable products and to encourage consistent sustainable behaviours going forward.”