Thai consumers willing to pay more for sustainable brands.
In Thailand, consumers are becoming more socially conscious. Investors and marketers take note, because four out of five Thais surveyed said they would pay more for products from companies committed to sustainability, according to a Singapore-based research firm.
The survey conducted by Blackbox Research in Singapore found that 82 percent of Thai respondents said they were willing to pay a premium for sustainable brands. The firm surveyed 808 Thai consumers online during November last year.
“Our research makes it clear that Thai people no longer consider sustainable products and services as something that is ‘nice to have’, they are ‘must haves’ and consumers are increasingly voting with their wallets in this respect,” said Saurabh Sardana, Chief Operating Officer of Blackbox Research.
He described the results as a “golden opportunity” for progressive Thai brands to pioneer sustainable business products and practices. In doing so, they would contribute to creating a better world while also winning the hearts, minds and spending power of consumers.
Thai consumers showed that social justice is as important in sustainability as environmental protection. Three leading areas Thai people want businesses to focus on to show they practice sustainability are: eliminating poverty (25 percent); promoting interconnectivity and equitable trading systems between countries (22 percent); and ensuring economic growth by providing employment for all (21 percent).
“Sustainability can mean many things for Thais,” said Sardana. “Our study emphasizes just how important it is for brands to generate accurate and relevant insights into what people think on the ground so they can develop and align their sustainability initiatives accordingly.”
Photo courtesy of http://ppp.energy.go.th/