By Sudip Ghose
New Delhi, Dec 6 (IANSlife): Consumers' behaviour has changed significantly over time. Earlier, they wouldn't mind spending extra on a product of their choice from a trusted brand. However, today, with the unstable economy and rising inflation, they have become price sensitive.
Approximately 2-18 per cent of global consumers have become price-conscious. However, this share in India is higher as compared to other countries. There is a direct correlation between Indian consumers' self-declared value consciousness and their actual purchasing behaviour as they buy items that are less pricey. But in this process, product quality continues to be an important element when they are shopping.
Even the definition of quality has changed over the years. For some consumers, quality products mean luxury, while for others, high quality implies durability, efficiency, ease of usage, or even value for money. In today's times, when sustainability is the latest trend, for some consumers, high quality also implies eco-friendly products.
Quality or price for sustainable products?
In the case of sustainable products, the quality versus price factor always comes into the picture. Various brands offering sustainable options find it challenging to stay true to their promise of quality and durable products. Eventually, they have to increase the price point to meet the industry norms as well as the features of non-sustainable variants. This shift, in turn, has various consequences. On the one hand, this pushes the consumer to choose non-sustainable counterparts because they are cost-effective. And on the other hand, this is also the driving force for brands to create high-end products that are functional, eco-friendly, and even economical so that customers' demands are fulfilled and they do not have to compromise on product quality.
Sustainability in the travel industry
As per industry reports, the travel and tourism industry produces around 8 per cent of global emissions. This is why the sector should make efforts to transition towards environmental-friendly practices. With the growing travel market and the increasing number of tourists, environmental damage is expected to surge, and opting for sustainability is the only viable solution. Many industry players, realizing the severity of the situation, have already started taking the sustainable approach and are offering eco-friendly alternatives.
For the travel industry, sustainability is not only associated with products but even with operations and processes. It also encompasses greener shipping methods and geothermal-powered accommodation.
Sustainable travel is the latest buzzword, wherein eco-friendly travel bags are replacing traditional suitcases, trolley bags, and backpacks. They are sustainable and affordable and come with a warranty, ensuring the highest quality standard for consumers. The idea behind such products is simple - the lighter you pack, the slower the fuel-burning process will be. Hence, carbon footprints will be reduced rapidly.
Transitioning towards sustainability is the solution to a cleaner and greener world
Ever since the pandemic, environment conservation and global warming have taken the limelight. Even consumers have realized the importance of sustainability and its positive impact on the Earth. Environmental, Social, and Governance (ESG) factors continue to shape their shopping behaviour. This is why consumers have been trying to make conscious and clean choices ever since then. The sustainable approach is not far behind in the race for quality products at affordable pricing. However, the responsibility of meeting consumers' demands lies on the industry players. This is why today, not just skincare, personal care, and kitchen utilities but even the travel industry is offering economical, sustainable products so that we can have a cleaner, greener future.