Buy Now, Save The Planet Later?
Buy Now, Save The Planet Later? Sustainability is facing a prioritization problem as fewer people are prioritizing the environment compared to pre-pandemic. This trend is linked to changes in economic confidence, which affects individual priorities, and a decline in news interest, leading to a lack of mental bandwidth for global issues. However, post-pandemic pent-up demand and the growth of Buy Now Pay Later services may have a stronger impact on consumer sustainability than financial anxiety.
This trend originates from the report:
GWI - Connecting The Dots 2023 - Global Trends
The decline in economic confidence, particularly in personal finances, is also a factor that contributes to the decline in sustainability as a priority. Additionally, the decline in news consumption and interest in global events has resulted in a decline in the sense of global community, which affects the prioritization of sustainability as a global issue. However, the decline in sustainability priorities cannot be solely attributed to the economy.
There is a relationship between economic confidence and sustainability attitudes, but it is not the only factor. The decline in sustainable attitudes can also be seen in markets with high accumulations of cash savings, indicating that there are other factors at play. Additionally, the growth of Buy Now Pay Later (BNPL) services has an inverse relationship with the willingness to pay more for eco-friendly products in some markets.
In conclusion, the decline in sustainability is a complex issue that stems from a combination of factors, including economic, societal, and personal. To address this decline, it is important to understand the various factors and to focus on ways to prioritize sustainability, despite the challenges. This may involve promoting sustainability in new and innovative ways, and making it accessible and relevant to a broader audience.