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MZ consumers prefer goods by ethical companies

Posted April. 04, 2022 08:58,   

Updated April. 04, 2022 08:58


Survey results revealed that six out of 10 Generation MZ are willing to purchase products of companies that deliver on ESG (Environmental/Social/Governance) goals at a higher price than other products.

The Korean Chamber of Commerce announced on Sunday that 64.5% of those surveyed among 380 Generation MZ on the “ESG Management and the Role of Companies” on March 1-15 said that they would be willing to choose products made by ESG delivering companies albeit paying higher prices. Meanwhile, 48.4% of the respondents opted for 2.5-5% when asked how much more they would be willing to pay. 4.2% of the respondents said they were willing to pay more than 10%.

Also, 46.6% of the surveyed said that “psychological satisfaction over price” was the most optimal among newly coined words that reflects value consumerism. While 28.7% opted for “meaning out,“ reflecting one’s values and beliefs in consuming in addition to price and quality, 10.3% chose “buycott,” or deliberately purchasing certain products in support of the seller’s policy.

“Delivering transparent ethical management” was seen as the most desirable role of companies, which doubled response rate for ‘job creation’ at 28.9%. ‘Environmental protection’ was ranked in third place at 13.2%.

Respondents also chose ‘raising public awareness (38.4%),’ ‘legal and policy support by government (27.9%)’ and ‘leadership by large companies (27.6%)’ as other key components for delivering ESG management goals.

Choong-Hyun Song balgun@donga.com