ESG EXPLAINED
Do Hong Kong Consumers Care About Sustainability?
22 July 2024 | By pie strategy ltd.
Do Hong Kong Consumers Care About Sustainability?
22 July 2024 | By pie strategy ltd.
ESG EXPLAINED
In July 2024, a survey of 1,199 Hong Kong consumers was conducted to explore how sustainability influences their purchasing decisions. The majority of respondents were aged between 18 and 49, primarily from Generation Z and Millennials.
- ~50%of participants reported having reduced or stopped buying from brands that they felt did not focus enough on sustainable practices.
- 57%of respondents believe their favourite brands are falling short in this area.
- 3%of respondents view product sustainability details as irrelevant.
- ~80%of respondents have paid more for products or services that they consider more sustainable.
The findings reveal a strong preference for sustainability among consumers.
This suggests that consumers are likely to shift their loyalty to brands that demonstrate a commitment to sustainability.
However, only 13% are willing to pay an additional 10% or more on average, offering valuable insights for pricing strategies.
These insights could support businesses in integrating sustainability into their product strategies effectively.
However, only 13% are willing to pay an additional 10% or more on average, offering valuable insights for pricing strategies.
These insights could support businesses in integrating sustainability into their product strategies effectively.
As an independent research firm, PIE Strategy conducted this survey to help the industry gain a clearer understanding of sustainable consumption habits and consumer expectations in Hong Kong.
For detailed insights, please refer to the page here.
For detailed insights, please refer to the page here.
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About ESG Explained
ESG Explained is a short article series by PIE Strategy, supported by PIE Matters, our charitable foundation, as part of its mission to promote sustainability awareness and learning. The series distils complex ESG and sustainability topics into clear, accessible reads for anyone seeking to better understand the ideas and choices shaping a more sustainable future.
ESG Explained is a short article series by PIE Strategy, supported by PIE Matters, our charitable foundation, as part of its mission to promote sustainability awareness and learning. The series distils complex ESG and sustainability topics into clear, accessible reads for anyone seeking to better understand the ideas and choices shaping a more sustainable future.
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