Press Releases

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

Apparel Sourcing Week (ASW) platform is aligned to the changing dynamics of the industry, moving in pace with evolving and shifting world trade of apparel sourcing while also acknowledging the changing needs and wants of the customer.

To facilitate the seamless process of sourcing for greater transparency and reach, the ASW platform offers the industry three independent verticals – Big Show, Marketplace, and V-Expo – to enhance business opportunities for all players in the fashion retail chain, in an environment of networking, knowledge, and inspiration. With the three verticals, the supplier has marketing opportunities all around the year like never before, while the buyer has multiple avenues to search his perfect sourcing partner from South Asia.

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.

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