October 25, 2022
(press release)
–
As the U.S. recovers from yet another global warming-fueled natural disaster with Hurricane Ian, climate change continues to stay at the forefront of consumer minds. How does it affect the choices we make when it comes to our shopping habits? A recent report from Nice-Pak research partner, IRI, examined the importance of sustainability to the consumer, with some notable findings. At Nice-Pak, we are committed to protecting environments near and far through environmental responsibility, innovation, and community education. Research helps us gather insights to shape the way we educate consumers on health and the environment. Compiled as a joint effort with NYU Stern Center for Sustainable Business, the IRI research report, Sustainability and the Consumer, sought to understand consumer sentiment regarding sustainability and how it drives household product choice. It was clear that sustainability concerns continue to gain ground with consumers, with 77% expressing that they believe sustainability is important when selecting products to buy, an eight-percentage point increase from 2021.1 This sentiment is driven by Gen Z and Millennials, as the research found a higher percentage of Gen Z and Millennials are purchasing more sustainable products. These younger consumers are also willing to pay more. Sustainably marketed products command price premiums ranging from 8% to 130% as compared to conventionally marketed products.2 The Industry Responds What does this mean for our business? Brands that have sustainability at their core are clearly here to stay. Fifty percent of all new products in 2021 were marketed as sustainable, up 20 percentage points from 2017. In fact, sustainable products drive a third of all CPG growth while representing 17% of total CPG sales, growing a whopping 2.7 times faster within their categories.3 At Nice-Pak, we’re responding. We’ve been working towards a sustainable future with plant-based and flushable wipe innovations like Nice ‘N CLEAN® SecureFLUSH® technology flushable wipes. We’re mapping our supply chain to mitigate our environmental impact and engage on our social and environmental practices. On the education front, we are educating our customers and consumers about the importance of sustainable forestry through our partnerships with American Forests and SFI’s Project Learning Tree. To read more about our journey to protect environments near and far, read our 2022 Environmental and Social Impact report at www.Nicepak.com/Sustainability. 1. Source: IRI OmniConsumer™ Survey solutions, June 2022 2. Source: NYU’s Sustainable Market Share Index™ 3. Source: IRI POS date for MULO across 36 core categories; Analysis by NYU Stern Center for Sustainable Business
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.
