COVID-19 elevates consumers' focus on sustainability: IBM Study

Further, the IBV survey also reveals differences in consumer opinion across geographies, with Americans surveyed reporting the least concern about sustainability topics.

The COVID-19 pandemic has affected consumers' views on environmental sustainability and they are willing to pay more for a sustainable future, according to a new report by IBM that highlights consumer perspectives on sustainability.

According to the IBM Institute for Business Value (IBV) report, which surveyed over 14,000 consumers in nine countries including the U.S., India, the UK, Canada, Germany, Mexico, Spain, Brazil and China during March 2021, the pandemic has intensified consumers' focus on sustainability.

COVID-19 was the top factor cited in influencing consumers' views on environmental sustainability, followed by widespread wildfires/brushfires, disasters due to weather events and news coverage on sustainability.

Commenting on the survey findings, Dr Murray Simpson, global lead for sustainability, climate & transition, IBM Global Business Services, said, "The survey showed respondents worldwide are increasingly concerned about the global climate crisis, and we have also observed businesses in many industries looking to take action to meet their customers' and investors' expectations and manage their own environmental goals."

Here are the key findings of the IBV study:

• 71 percent of employees and job seekers surveyed feel that environmentally sustainable companies are more attractive employers
• Nearly half of surveyed employees are willing to accept a lower salary to work at a sustainability-conscious employer
• Environmental sustainability is affecting personal investment decisions, with 59 percent of personal investors surveyed expecting to buy/sell holdings in the next 12 months based on environmental sustainability factors
• 54 percent of consumers surveyed are willing to pay a premium for brands that are sustainable and/or environmentally responsible
• 55 percent report sustainability is very or extremely important to them when choosing a brand
• More than six in ten consumers surveyed are willing to change their purchasing behaviour to help reduce the negative impact on the environment, with Indian and Chinese consumers being the most willing
• Almost one in three survey respondents strongly believe their personal travel habits contribute to climate change

Further, the IBV survey also reveals differences in consumer opinion across geographies, with Americans surveyed reporting the least concern about sustainability topics.