As the cost of living crisis persists, over half of UK consumers are concerned about the cost of sustainable products, new research by EY has found.
According to the EY UK Future Consumer Index, 62% of the 1,000 consumers surveyed are “extremely concerned” by the cost of living crisis, with 43% citing affordability as a deciding factor when making a purchase.
As inflation leads to price rises, 56% of consumers were concerned about the affordability of products with sustainability credentials, while a further 71% said that the price of said products deterred them from purchasing.
However, 50% of the consumers surveyed said they would consider sustainability in scenarios where it would also offer financial benefits.
Silvia Rindone, EY UK and Ireland retail lead, said: “Our latest survey shows the strain the ongoing cost of living squeeze is having on UK consumers who are making more considered decisions about how and where they spend their money.”
To reduce the impact of the cost of living crisis, Rindone said that retailers need to pay careful attention to the factors influencing consumer purchasing decisions, such as affordability.
“This challenging, highly-price sensitive environment means brands and retailers need to work harder than ever to understand the factors influencing the UK consumer and re-evaluate ranges and pricing to better meet their needs.”