Nudging Consumers to Purchase More Sustainably

Perhaps the single most important consumer trend of the last decade is consumers’ stated desire to consume more responsibility across a range of consumption decisions. Two-thirds of Americans report reducing their reliance on single-use plastics, half report choosing brands based on their environmental performance, and a third report reducing their consumption of meat or animal products.

Meanwhile, hybrid and electric vehicle (E.V.) sales are the fastest growing segment of the car market; in 2022, for the first time, the proportion of new car buyers expressing an interest in an E.V. was over 50%. And, multiple recent surveys from the likes of Pew and Yale report very high — usually around 80% — and bipartisan support for adoption of renewable electricity, as well as a willingness to pay a premium for it.

Experts and investors seem to think this is just the tip of the iceberg. According to Blackrock CEO Larry Fink, “… the next 1,000 unicorns —…

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This article was written by Erez Yoeli and originally published on hbr.org