A report carried out by one of the Chamber’s members, EY, shows that for 78% of shoppers, price is still the most important factor when purchasing a product.
The report says that over two-thirds of UK consumers (68%) class ethical behaviour as important when shopping - citing good treatment of employees (79%), ethical supply chains (76%) and treatment of workers and animals (49.8%) as ‘critical’ to their decision-making. In practice, however, ethically sourced produce only comes in the top three purchase considerations for 7% of UK consumers.
Cost is the largest barrier to buying sustainable or ethically sourced produce, with 52% not spending sustainably due to the costs associated with these items, and a further 25% saying they cannot afford these products. Access is also an issue, with 22% stating ethical products are not available locally.
EY says to ensure customer loyalty, brands must invest in their ethical credentials to ensure they are well-communicated to consumers and match up with their brand values.