55% Would Spend More on Eco-Friendly Products While Willing to Boycott Less-Green Companies

Rhea-AI Summary

LendingTree conducted a survey revealing that 55% of Americans are willing to pay more for eco-friendly products. Notably, nearly 40% would consider boycotting companies lacking sustainability efforts. Younger generations are leading this trend, with 58% of Gen Z and 50% of millennials ready to boycott. 28% reported increased spending on sustainable items, particularly in food and cleaning. Additionally, 62% prefer credit card issuers committed to fighting climate change. The survey involved 1,048 participants from March 18-24, 2021.

Positive

• 55% of consumers willing to spend more on eco-friendly products.
• 40% of consumers would boycott companies not committed to sustainability.
• 28% of consumers reported increased spending on eco-friendly products.

Negative

• None.

CHARLOTTE, N.C., April 20, 2021 /PRNewswire/ -- In a recent LendingTree survey of 1,048 Americans, 55% said they are willing to spend more on sustainable and eco-friendly products, while 4 in 10 are willing to go a step further and boycott companies that aren't so keen on going green.

Key findings

• A majority (55%) of consumers are willing to spend extra money in order to purchase environmentally friendly products, though at differing amounts. Younger shoppers are the most willing to spend more to go "green," while women are more on board with sustainable spending than men (61% versus 49%).
• Nearly 40% of consumers would boycott a company for not being eco-conscious; and of that group, 18% have done so. Gen Z and millennials are most willing to boycott, at 58% and 50%, respectively, compared to 29% of Gen X and 27% of baby boomers.
• More than a quarter (28%) of consumers said they're spending more on environmentally friendly products than ever before. For millennials, the percentage is even higher at 41%. The same goes for consumers with household incomes of $100,000+ (40%).
• Consumers are most focused on food (50%), cleaning products (39%), clothing (33%) and water bottles/coffee cups (33%) when it comes to seeking out eco-friendly options. "Clean" cosmetics were also a priority for more than a third (34%) of women.
• About 1 in 7 Americans have a credit card in which rewards earned are donated to nonprofit organizations, including those that protect the environment. A further 43% said they'd consider opening such a card.
• When shopping for new credit cards, 62% of consumers would rather choose an issuer that's pledged to fight climate change versus one that hasn't made environmental issues a priority.

"Today's consumers are leveraging their buying power to support eco-conscious products and the companies that make them — and in many cases, they are willing to spend more on sustainable goods," said LendingTree's Chief Credit Analyst, Matt Schulz. "In addition, consumers are paying closer attention to which companies are stepping up with climate change commitments to decide which ones are worthy of their brand loyalty."

To view the full report, visit: https://www.lendingtree.com/credit-cards/study/consumers-would-spend-more-on-eco-friendly-products/. 

Methodology
LendingTree commissioned Qualtrics to field an online survey of 1,048 Americans, conducted March 18-24, 2021. The survey was administered using a non-probability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree

MEDIA CONTACT:
Morgan Lanier
morgan@lendingtreenews.com

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SOURCE LendingTree, Inc.

FAQ

What percentage of Americans are willing to spend more on eco-friendly products according to LendingTree's survey?

55% of Americans are willing to spend more on eco-friendly products.

How many consumers reported boycotting companies that are not eco-friendly?

Nearly 40% of consumers would consider boycotting companies that are not eco-conscious.

What age group is most willing to boycott companies not focused on sustainability?

Gen Z and millennials are most willing to boycott, with 58% and 50% respectively.

What percentage of consumers prefer credit card issuers committed to fighting climate change?

62% of consumers prefer credit card issuers that are pledged to fight climate change.

How many Americans have a credit card that donates rewards to nonprofit organizations focused on the environment?

About 1 in 7 Americans have a credit card that donates rewards to nonprofit organizations, including those protecting the environment.