Any suggestion that older consumers are less receptive to sustainability-driven alternatives than those from Gen Z or Gen X appears to be a misnomer if the results of an Australian study are to be believed.
According to the Catalyst Social Responsibility Survey undertaken last month eco-conscious seniors aged over 65 lead every other age group when it comes to their willingness to pay a premium for a product or service that reduces the impact of plastic waste.
Yes, 55 per cent of over-65s would pay more for a product with less plastic packaging – well ahead of all other age groups, including 18 to 24-year-olds who were next at 45 per cent.
Older Australians are also more focused on plastics consumption, with 60 per cent of those in the 55 to 64 age group and the over-65s saying they had changed their behaviour to reduce plastic waste over the past year. That compares with 49 per cent of respondents across all age groups
The survey of 1216 Australians was conducted by an online research company, Glow.
The study also found that addressing climate change was a priority of 38 per cent of respondents aged over 65 who said they were happy to pay a premium for a product or service that reduced the impact of climate change. The only age group ahead of them was the 18 to 24-year-olds, at 43 per cent.
“It was a little surprising to see that so many of the over-65s are willing to pay a premium for environmentally-friendly products,” said Glow founder and CEO Tim Clover. “We knew younger age groups would be there.”
The generational difference between respondents who said they were willing to buy from a business with a clear plan for reducing its environmental impact was less obvious – 82 per cent of 18 to 24-year-olds, 68 per cent of over-65s, and 71 per cent across all age groups.
The survey also asked respondents about their investment priorities. Unsurprisingly, 72 per cent of those who already own shares said they would be more likely to invest in companies that are taking action to tackle plastic waste – and 67 per cent said they would invest in companies that are addressing climate change.
Main image credit: @Nana_Boliyani via Twenty20.