Chennai: A new research has revealed that consumers place such value on buying from ethical brands that 94 per cent are willing to pay more if they can be sure a product has been ethically sourced or produced.
Almost two thirds (65 per cent) are willing to pay a premium of more than 25 per cent for that product while 35 per cent are happy to pay 50 per cent more.
The survey from OpenText also shows that close to a third (29 per cent) of Indian consumers would never buy from a brand again if it was accused of working with unethical suppliers. Instead, they would look to find an alternative brand that engages in responsible sourcing.
The new data – from a survey of 6,000 Indian respondents – highlights the importance for brands in proactively ensuring all suppliers in their supply chain operate ethically.
The poll considered the extent to which environmentally sustainable and socially responsible business practices matter to the Indian public and influence their purchasing behaviour.