The NYU Stern Center for Sustainable Business and Circana released the 2022 update of the CSB Sustainable Market Share Index™. This report shows that amidst the high inflation, the demand for sustainable products is continued to grow.
About NYU Stern Center for Sustainable Business
The NYU Stern Center for Sustainable Business (CSB) believes that sustainable business can make the world a better place. Their foundation rests on the notion that sustainable practices are not only good for the planet and its inhabitants. It also leads to better financial outcomes. CSB’s goal is to encourage present and future leaders in the corporate world to adopt a proactive and inventive approach to sustainability, providing their companies with a competitive edge and the ability to adapt to challenges while also benefiting society.
Growth for sustainability-marketed products in 2022
Despite the challenges of high inflation and financial strain on American consumers, products marketed for sustainability demonstrated stronger performance compared to conventionally marketed products in 36 categories. Sustainability-marketed products also have shown a five-year compound annual growth rate (CAGR) of 9.48%, surpassing their conventional counterparts’ rate of 4.98% during the same period.
Although sustainably-marketed products remain priced at a premium of 27.6% compared to their conventional counterparts, the gap has decreased in the past year. This can be attributed to several factors, including above-inflation price increases by many conventional products and the addition of sustainable features to some lower-priced conventional items.
Experts say that if brands can leverage their sustainability attributes in their marketing messaging, it can generate incremental sales.
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