According to the 'Consumer ESG Behavior and Attitude Survey' conducted jointly by the Korea Economic Research Institute (KERI) and Hankook Research, 7 out of 10 consumers are willing to pay extra for products from companies with excellent Environmental, Social, and Governance (ESG) practices.
High Willingness to Pay Extra for Products from Environmentally and Socially Contributing Companies
The survey results showed that 73% of respondents were willing to pay extra for products from companies that excel in environmental protection, and 70% were willing to pay extra for products from companies that excel in social contribution.
Consumers Prioritize Environmental Protection and Social Responsibility as Criteria for Evaluating Companies with Excellent ESG Activities
Consumers cited 'companies actively engaged in environmental protection' (35%), 'companies that prioritize good influence over profits' (23%), 'companies that support marginalized groups' (13%), 'companies that practice equality in business operations and hiring' (11%), and 'ethical companies that comply with the law' (10%) as key criteria for evaluating companies with excellent ESG activities.
64% Experienced Boycotts, Targeting Companies Causing Social Controversy or Discrimination
64% of respondents said they had participated in boycotts or were currently participating in boycotts. The main reasons for boycotts were 'companies causing social controversy' (2.79), 'financially unsound companies' (2.74), and 'companies that discriminate based on gender, disability, etc.' (2.66).
'Eco-friendly Mark' Most Important Criterion for Judging Eco-friendliness of Products
The most important criterion for consumers to judge the eco-friendliness of products was the presence of an 'eco-friendly mark' (55%), followed by detailed product information on packaging (12%) and product name (11%). When asked how important eco-friendliness is by industry, the importance was high in food and beverage (3.06) and household goods (2.95), while travel, leisure, and aviation (2.54) and electronics (2.60) scored relatively low.
Age-based Evaluation of Eco-friendliness Importance, 60s Highest, 20s Lowest
By age, the 60s rated the importance of eco-friendliness the highest across all industries, while the 20s rated it the lowest. The top-ranked groups with high overall scores were women in their 60s (2.63), men in their 60s (2.58), and women in their 50s (2.53), while the bottom-ranked groups were men in their 20s (2.30), men in their 30s (2.32), and women in their 30s (2.35).
KERI Emphasizes, "ESG Management is Essential for Sustainable Growth of Companies"
KERI emphasized, "Although the business environment for companies is more difficult than ever due to the strengthening of protectionism by the U.S. Donald Trump administration and the domestic demand slump, ESG management is essential for companies to grow continuously and be chosen by consumers."
[Copyright (c) Global Economic Times. All Rights Reserved.]
