According to a new research, Americans Will Pay an Extra 36% to Buy Ethically-Sourced Food.
Most surveyed Americans are willing to pay more for sustainable, ethical products—and companies that go the extra mile are benefitting from more dollars spent.
The poll of 2,000 Americans found 63% of respondents voicing their willingness to pay an additional one-third more in price for responsibly-made and transparently-sourced products.
87 percent reported they would be more likely to buy something if they knew and understood all the ingredients in the product.
Conducted by OnePoll in conjunction with Nutrilite by Amway, the survey found that a resounding 87% of respondents agreed that companies aren’t transparent enough about the ingredients they put in their products.
Consumer behaviour is changing and Americans are becoming more concerned about ingredients in their packaged food. Some of the Americans said they would rather buy expensive food, that has got all ingredients mentioned than buying something that is put their health at risk.
It is difficult for consumers to keep track of the claims on packages, whether it’s ‘cage free’ or ‘cruelty-free’, but those companies that are going the extra mile to ethically source products are benefitting from an increase of dollars spent. Research released in June confirms that consumers are actually putting their money where their hearts are.
Products that had a sustainability claim on the packaging delivered nearly $114 billion in sales—up 29% from 2013. Additionally, these products grew 5.6 times faster than those that were not marketed as sustainable, in more than 90% of the 36 categories of goods researched.
The Food Safety Modernization Act (FSMA)
has given the Food & Drug Administration (FDA) new authorities to regulate the way foods are grown, harvested and processed. The law grants the FDA a number of new powers, including mandatory recall authority, which the agency has sought for many years. Ok
NYU Stern’s Center for Sustainable Business did extensive research into U.S. consumers’ actual purchasing of consumer packaged goods and found that 50% of the growth in food sales came from sustainability-marketed products.
people want to invest more on sustainable food so that they don’t have to spend on hospitals, getting sick, said the surveying officer.
People with food allergies also prefer listed food as they may suffer potentially serious consequences if they consume foods they are allergic to, so they need to be very cautious about the foods they eat, she added.
Food labelling is vital. Not only is it a legal requirement if you’re a food producer, it also helps consumers make informed decisions when purchasing food and helps them to store and use the food they’ve purchased safely.
