Ecolab, a global leader in sustainability and water solutions, recently released the results of its second annual Watermark™ Study, shedding light on the state of water stewardship worldwide. The study highlighted how consumers’ concerns about climate change and access to clean water impact their purchasing decisions.
One key finding from the research is that consumers are increasingly conscious of the amount of water used in the production of goods. In countries like China, IMEA, and Latin America, a majority of consumers have stopped buying products that use excessive amounts of water. This trend underscores the growing importance of sustainable production practices in the eyes of consumers.
Moreover, the study revealed that consumers are willing to pay a premium for products that are sustainably produced. Across various regions, a significant percentage of consumers are prepared to pay 1-4% more for such products. This willingness to pay more for sustainable goods was particularly high in China, IMEA, and Latin America.
Christophe Beck, Ecolab’s chairman and CEO, emphasized the significance of sustainability in today’s market landscape. He noted that businesses must prioritize smart water management to meet the expectations of both consumers and investors. By focusing on sustainable practices, companies can drive positive financial outcomes while safeguarding this precious resource.
The study also highlighted consumers’ concerns about clean and safe water access, with regions like Latin America, China, and the United States ranking high in terms of worry about immediate water availability. While consumers hold businesses and governments responsible for water conservation, there is a prevailing belief that these entities are not doing enough to address the issue.
Interestingly, the study found that urban consumers tend to be more concerned about climate change compared to their rural counterparts. This trend was particularly notable in regions like Asia Pacific and the U.S., where urban residents displayed a heightened awareness of environmental challenges.
In the U.S. specifically, the study revealed that a majority of consumers prioritize climate change as an important issue. However, there is a lack of confidence in the commitment of business leaders and governments to address these concerns. Water scarcity remains a significant worry for U.S. adults, with many expressing a willingness to change their consumption habits to conserve water.
Overall, the 2024 Ecolab Watermark Study provides valuable insights into consumer attitudes towards sustainability and water stewardship. As global concerns about climate change and water scarcity continue to rise, businesses and governments must take decisive action to meet the expectations of an increasingly environmentally conscious consumer base.