Levels of concern among consumers in response to the Covid-19 pandemic are moderating slightly, the latest edition of the EY Future Consumer Index shows today.
EY said that 39% of 14,047 consumers surveyed worldwide believe the health crisis will continue to impact their lives for at least another 12 months, down from 40% in February.
But 78% of consumers are concerned about the impact of the Covid-19 pandemic on their finances and 53% say price is a more important purchase consideration than before the pandemic, threatening the longevity of positive attitudes toward sustainable behaviours.
Today's survey shows that 64% of consumers continue to spend more time at home than before the Covid-19 pandemic.
Homes have become a hub from which people work, exercise and stay entertained, which presenting a huge opportunity for them to pivot to sustainable choices that positively impact the environment and society.
31% of respondents said they now spend more on products that are sustainable and better for the environment, and 64% are prepared to behave differently if it benefits society.
But EY noted that rather than making significant financial commitments toward helping achieve bigger societal goals around sustainability, many consumers are pursuing low-impact, no-cost actions that save them money.
56% of respondents said they mainly adopt sustainable behaviours if it saves them money, especially in relation to key consumer household activities, including conserving energy use (85%), recycling or reusing packaging after use (83%) and bringing reusable shopping bags to the shops (83%).
When asked which sustainability issues personally concern them most, there is some disparity between consumer respondents across the world.
The survey shows that plastic waste is the biggest concern in the US (62%) and the UK (73%), while air pollution is the top concern in China and water pollution ranks highest in Brazil (93%).
This indicates that there is no one-size-fits-all approach for companies, and that they will need to consider regional nuances when looking to tackle sustainability issues.
Yvonne Kiely, from EY Ireland, said its research shows that there has been a perceptible shift in consumers wanting to change their buying behaviours to be more "sustainable" but they are also aware of the sometimes greater cost of buying the product or service that is the better option for the environment.
"We know that Irish saving accounts have accumulated around €12 billion during the pandemic, so encouraging consumers to play their part in ensuring a sustainable recovery for Ireland will be essential," Ms Kiely said.
"Companies have an important role in guiding consumers so the gap we're seeing between good intention and consumer action can be closed," she added.
