Greener products take a backseat as cost of living crisis continues
As the rising cost of living starts to bite and consumer confidence takes another hit, it is also impacting Aussies’ willingness to make greener purchasing decisions.
Almost one in two (47 per cent) Australians are less likely to spend money on green/sustainable purchases due to the cost of living crisis and more than two in five (44 per cent) Australians actively look for greener products or services―down from 46 per cent in 2022 and 48 per cent in 2021, according to Finder’s Green Report 2023.
Amy Bradney-George, sustainability expert at Finder, says people are facing immediate pressures as the cost of living crisis continues.
“Aussies are spending less time and money on reducing their carbon footprint as they try to balance higher household costs,” she says.
“There’s also a sense that some people are playing catch-up on travel and other experiences they may have missed out on during the pandemic, which took a toll on many people.”
Mindfully reducing plastic use is the most common way Australians are tackling their environmental impact (56 per cent), however, green spending is less of a priority for Australians in 2023, with only 37 per cent of consumers prepared to pay more for greener products or services, compared to 43 per cent in 2022.
“This research shows consumers are less likely to spend more for green choices. The good news is that sustainability has long-term savings for our wallets and the planet. People who choose sustainable financial products or shop with green brands help support them and send a strong message that these changes are important,” she adds.