Every day, eco-friendly products face a persistent battle to win the consumer over against a more affordable, often less environmentally friendly, version of itself. Yet, according to the chairman of food company Nestlé, the tide could be turning when it comes to consumer tastes.
“If you look at the millennials, they are the first generation now who are willing consciously to spend more for better quality, for sustainability, for traceability. I think there is a change,” Peter Brabeck-Letmathe, chairman of Nestlé told CNBC.
“I think that if you’re looking at the success stories in the food industry lately you will see that those successes are normally in products which have a relatively high price and it’s basically a [success] coming from the new generation. So I would say from this respect there is a change.”
A 2015 global online survey by Nielsen reflected Brabeck-Letmathe’s comments, with research showing that 66 percent of the 30,000-plus respondents said they would be willing to pay extra for sustainable goods.