INSIGHTS
Eco warriors Which businesses are making a difference on sustainability issues?
R
etailers need to have an environmental plan if they hope to attract young Aussie consumers. That’s according to a report from Mastercard mid-2021, which revealed a growing trend toward eco-conscious spending and consumption. Reducing carbon footprint is now more important for 57 per cent of Australians surveyed, with 61 per cent believing companies need to adopt more sustainable and eco-friendly practices. According to Mastercard, the research is a nudge to organisations to implement sustainability initiatives because customers will shop with this in mind. Australasian division president, Richard Wormald, said, “The research suggests that consumers are increasingly expecting organisations to promote sustainable initiatives. Australian businesses must take action to reflect these expectations if they hope to continue to engage with these consumers. “The reality is that nearly one third (26 per cent) of young Australians plan to stop buying products from retailers that fail to step up and take sustainability actions.” So is a sustainability plan an integral part of the franchise business you are considering? If you’re not quizzing franchisors on this yet, add it to your list of essential questions to ask in your due diligence process, as it’s going to become increasingly important to consumers.
NOV/JAN 2021-2022 | 10 | WWW.FRANCHISEBUSINESS.COM.AU
