Gen Z Indians are far sustainable consumers than others round the globe
Our elders always say that the next generation should always be better than the previous one in every aspect of life. Now as per reports, it looks like at least Indians and the Chinese are right on track. A Credit Suisse Global report talks about how sustainable Indians are over people from other countries; especially the developed ones.
As per the latest Credit Suisse reports, millennials and Gen Z folks in India, China and Mexico (basically the emerging countries) are much more sustainable than those in developed countries. In fact, those from emerging countries are more
- Environmentally conscious and have a greater intent towards sustainable behaviour
- Accept that tighter regulation might be needed
- Are willing to pay more for sustainable products, and
- Are willing to switch consumption to more sustainable products
While the opposite appears to be true for those living in France, Germany and the USA.
This seems to be in line with PM Modi's desire to make a sustainable India.
There is a strong growth potential for sustainable products like solar panels, housing insulation, electric vehicles and hybrid cars, second-hand clothing and plant-based foods. The Gen Zs and millennials also have a strong intention to reduce the consumption of unsustainable products like petrol or diesel cars, fast food, meat and alcohol. But despite their concerns, the young consumers do not yet appear to embrace a more sustainable lifestyle in every aspect of their lives. For eg: The intention to reduce spending on fast fashion is low across the consumers in emerging economies.
Credit Suisse surveyed 10,000 participants across 10 countries; 50% from emerging economies (like India, China) and 50% from developed economies (like US). 50% of this population is from Generation Z, while the rest 50% were millennials.
1. SUSTAINABILITY
Sustainability is a key concern for 9/10 young consumers in China and India. These consumers are either concerned or very concerned about sustainability and are surprisingly the only people who feel that sustainability goals are achievable in the long term.
About 15% of Indians only buy sustainable products and almost 35% of participants supported government legislations around sustainability and felt that governments should ban the sale of unsustainable products and make them more expensive.
2. FASHION
Across the developing world, future demand for fast fashion is stronger in India, whereas in China, they are more likely to decrease spending on fast fashion. These may reflect because of lower levels of disposable income which “forces” consumers to accept fast fashion as they are unable to afford more expensive sustainable alternatives.
80% Indians feel fashion is unsustainable and are not willing to spend more for sustainable fashion.
3. EDUCATION
There is also a need to make environmental sustainability in education a priority because about 50% of Indians do not rely on corporate disclosures by companies about how sustainable their products are.
50% of Indians have a reasonable degree of skepticism toward corporate claims irrespective of whether it impacts the environment or not.
About 54% of customers feel that companies should be judged and taxed in direct proportion to their environmental and social achievements.
4. FOOD
The report found that participants have a meat consumption frequency that is quite sustainable. On average, they eat meat around 3.8 days per week and consumption is the highest in the USA (40% of consumers eat meat every day and meat is eaten 4.5 days per week on average) and lowest in India (13% eat meat every day and meat is eaten 2 days per week on average).
When it comes to plant-based foods, the market for plant-based products in the USA has increased by 43% between 2018 and 2020. Plant-based food sales grew almost 2.5 times faster than total food sales in the USA between 2018 and 2020, and is estimated to grow 5 times between 2020 and 2030.
The report also found that plant-based food consumption increases according to the level of education, and 79% Indians expect to consume more plant-based meat and dairy alternatives in the future.
Why the shift towards plant-based foods? Most Indians want to shift because they want to have a better environmental impact and do not intend to kill animals. Also, since it is healthier than animal-based protein.
How sustainable are you in your everyday life?