Best of Earth911 Podcast: Deloitte’s Naba Sengupta Says Sustainable Shopping Stays Strong During the Downturn
Four out of 10 shoppers chose sustainable products and services in late 2022 despite the economic downturn. But higher prices are making them think harder and longer about their spending, which means they welcome more information that helps them make environmentally responsible decisions. Naba Sengupta, senior manager at Deloitte Advisory’s Sustainability, Climate & Equity practice, discusses the results of a new consumer research survey, The Cost of Buying Green, Part 2. He explains that, compared to other segments of the economy, sustainable products are holding up relatively well. He encourages companies to take steps to set and transparently report progress toward CO2 emissions reduction goals. We also discuss Deloitte’s recent finding that the global economy became less circular during the pandemic, as well as the prospects for rapid improvement as daily life returns to a new, though ever-changing, normal.
Naba suggests that consumer demand, especially the rising economic power of Gen Z, is turning corporate priorities toward sustainability. While the progress is often slower than necessary, the momentum is growing. He lays out a 5-point strategy for accelerating business progress, which involves collaborating with partners and customers to innovate quickly. That progress can lead to lower prices for sustainable alternatives, eventually eliminating the “green premium,” the higher cost associated with products with a lower environmental impact. During the conversation, Naba pointed to Deloitte’s ongoing tracking of consumer sentiment and spending, which gives a monthly reading on the priorities shaping the marketplace.
Tune in for a wide-ranging, important conversation about how consumers can reshape our lifestyles by communicating our priorities to companies. You can learn more about Deloitte at deloitte.com.
This podcast originally aired on February 6, 2023.