The vast majority of Finns are willing to pay higher prices for responsible products and services
According to a recent survey by Miltton, the largest communications group in Finland, three out of four Finns would be willing to pay more for responsible products or services. The survey, conducted annually since 2015, gives insights into Finnish consumers’ views about the importance of responsibility in consumer habits. In April, 2017, Miltton Group established a new subsidiary, Miltton Purpose, with a goal to ensuring that responsibility and sustainability is an integrated part of Nordic companies’ leadership agenda.
”I am pleased to see that Finns increasingly prioritise responsibility and sustainability when purchasing products and services. Our survey strengthens our view that responsibility touches all facets of business and when done right, it helps companies to drive innovation, steer investments and develop new business opportunities”, says Maria Wetterstrand, Managing Director, Miltton Purpose.
According to the survey, two thirds (68%) of Finnish consumers considered it important or very important that the product or service they were purchasing was produced responsibly. Three out of four Finns (74%) indicated they were willing to pay more for the product or service that was produced responsibly. More than one third (37%) of the respondents reported their willingness to pay 1-5 per cent more for a responsibly created product or service. Up to one fifth (21%) were willing to pay an additional 6-10 per cent.
From the different responsibility themes, Finns were most interested in occupational health and safety (36%). In second and third place, almost equally, were supply chain ethics (33%) and the country where the companies payed their taxes (32%).
“Interestingly, consumers are particularly interested in the things that are most challenging for companies. For example, based on Fibs’ recent corporate responsibility survey, supply chain management is a theme that business executives find most challenging,” states Susanna Saikkonen, Senior Advisor at Miltton.
Consumers demand more information about responsible and sustainable products and services
At the same time as consumer interest in corporate and brand responsibility increases, the majority (57%) of Finns surveyed indicated that they felt that they did not get enough information about corporate or brand responsibility. In addition to the traditional media, Finnish consumers also wished to get more information from corporate channels such as packaging, social media, websites and corporate responsibility reports.
As in previous years, women were more active than men in search of information on the responsibility of products and services, and they were more likely to vote with their wallet.
“Growing interest in corporate and brand responsibility is also reflected in practice as changing consumer habits. For example, according to Reilu kauppa ry, the sales of Fairtrade products have grown steadily for 18 years; and during the last year by as much as 9.5 per cent. Our research results are in line with this information,” Saikkonen points out.
“The trend in responsibility is clearly visible in the sales of food, and consequently, by the expansion of the range,” says Matti Kalervo, Vice President, Corporate Responsibility, Kesko.
Read a wider summary of the research findings here.
For more information:
Senior Advisor, Sustainability, Miltton
+358 40 507 3882