Apparel Sourcing Week, 20 - 22 February 2020 - Bengaluru, India
18 - 20 February 2021
Bengaluru, India

Press Release 4 September 2021

Sustainability Is What Drives The Global Market Today

The movement towards sustainability is no longer a new development, but what has changed is the urgency and the driver of the movement. Various market studies clearly indicate heightened consumer awareness around the concept, which in turn is driving a higher demand for sustainable sourced and manufactured products. New global research conducted by the Economist Intelligence Unit (EIU), commissioned by WWF, shows a staggering 71 per cent rise in popularity of searches for sustainable goods over the past five years, with continuing growth during the Covid-19 pandemic.
Sustainability is no longer a luxury or marketing tool; it is a reality that cannot be ignored. The first-ever edition of the Business of Sustainability Index found that nearly two-thirds (64 percent) of Americans are willing to pay more for sustainable products. According to the findings, 78 percent of people are more likely to purchase a product that is clearly labelled as environmental-friendly. What’s more, this welcome news isn’t limited to developed nations and advanced economies. The EIU report found a similar trend in many developing nations and emerging markets as well, including India.
What are the implications of urgency in sustainable movement?
1
The demand is universal
European union has been the front runner in adopting to sustainable products but other countries like USA, India, China, Africa, ANZ are also gaining a lot of traction for sustainable products. There is no doubt that people are waking up to the urgency of the moment. They see forests, grasslands and other critical ecosystems vanishing at an alarming rate. Governments across the world are concerned and coming together to take actions. Growing public awareness has helped to produce new sustainable laws and policies.
2
Sustainable products increase sales
From a business perspective, a Nielsen report concluded: 'Consumer brands that demonstrate commitment to sustainability outperform those that don't’. Sales growth by companies with a demonstrated commitment to sustainability was four times higher than that of competitors. The fact is that now the Demand has become the ‘Default’. Market research suggest that customers are specifically asking for sustainable offering and sales of such products is increasing much faster than regular products.
3
Consumers are more willing to pay for sustainable products
What is even more encouraging is that more people than ever before are speaking out on behalf of the planet — not just with their voices and votes, but with their wallets as well. What is significant is that according to a recent NRF report, over 70 percent consumers today are willing to pay a premium of 35 percent, on an average, for brands that are sustainable and environmentally responsible.
4
Retailers/brands are building a competitive sustainable strategy
It is critical that retailers/brands carve out their sustainability strategy clearly to offer a competitive sustainable product. If organisations believe in their sustainability purpose, they will always find a way to deliver what customers want. Having said that, lack of sufficient sustainable material availability drives higher cost, and this can only be addressed when more and more retailers/brands join their hands to march towards their sustainable journey.
 

About Apparel Sourcing Week 2020

Apparel Sourcing Week 2020, a three-day Sourcing Show not only provides the Asian manufacturers a platform to showcase their products & manufacturing capabilities to the Brands & Retailers from all over the world including India, but also extends them a chance to attend the multiple seminars (headed by industry experts), workshops, open-house discussions and networking opportunities organised during these three days, which would help the manufacturers get a better understanding of Indian and International Retail and evolving dynamics of sourcing in various markets and retail formats.

About the Organiser

Apparel Resources is well known for its benchmark publications – Apparel Online, StitchWorld and Resource Guide published from India, Bangladesh & Vietnam. These publications have been around in the industry for over 35 years, supporting, guiding and standing by garment exporters and the retail industry globally, providing them a platform to source better.