Over the last several years, a growing interest and concern for climate change has seen consumers demanding more from companies as it relates to making a difference for a better, sustainable future.
In this month’s Amex Trendex revealed for 76 percent of consumers there is an even greater urgency to address climate change than just a year ago with 73 percent of survey respondents also saying they have noticed the impacts of climate change and global warming affecting their local community.
The Amex Trendex was conducted between March 8 and 13, across the U.S., Japan, India, the U.K., Mexico, Canada and Australia and surveyed almost 8,000 adults who had a household income of at least $70,000.
With a notable increase in urgency, consumers also indicated wanting to get a deeper understanding of how to support the environment and wanting direction. For 84 percent of consumers this includes wanting a deeper understanding their carbon footprint with an additional 65 percent agreeing they are unsure of what actions they can personally take to reduce their carbon footprint.
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In part, consumers surveyed want this direction to be led by brands with 76 percent of respondents agreeing they wish companies would educate them on ways to reduce their carbon footprint when they shop with them. And 86 percent agreed that they think companies are an essential part of the solution to climate change and 80 percent said they want companies to talk about environmental issues, even during the pandemic.
With that in mind, consumers showed they understand the power of brand supporting the environment. Nearly 80 percent of respondents agree they would be more loyal to a company that works to address environmental issues and 75 percent who said they would pay a premium for sustainable products say they would pay at least 10 percent more for sustainable products.
Looking at the evolution of sustainable behaviors, Amex found 41 percent of consumers surveyed say they are more likely to purchase sustainable products than before the pandemic, and this is especially true for Gen Z and Millennials (50 percent). Additionally, 84 percent of consumers surveyed say they are more interested in energy efficiency in their home than ever before, and 54 percent of consumers surveyed say they are more interested in eating a plant-based diet.
For its part, American Express has announced new initiatives to advance climate action and support low-carbon communities. The company will introduce digital solutions to help corporate clients better understand their footprint and expand the availability of its recycled plastic cards. Additionally, to celebrate Earth Month, American Express is launching “Shop With Purpose” to reward eligible customers for shopping mindfully throughout April.
“We’re excited to kick off Earth Month by introducing our new suite of offerings that will enable our corporate clients to make carbon conscious decisions and support community organizations doing important work to promote a low-carbon future,” said Jennifer Skyler, chief corporate affairs officer. “These new initiatives build on the work we have done to reduce our own carbon footprint by engaging our colleagues, customers and community partners in initiatives that address the climate crisis.”
Notably, American Express previously committed to net-zero carbon emissions by 2035, aligned with the Science Based Targets initiative, or SBTi. As part of its $10 million commitment toward climate action, the company is providing $2.25 million in grants to American Forests, National Park Foundation and Earthwatch Institute.
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