Rising popularity of plant-based food is one of the factors fueling Britons’ annual spending on ethical products that has surpassed £100 billion for the first time, stated a recent report.
The value of the “green” pound surged by nearly a quarter to £122bn in 2020, according to a new Co-op report covering the most recent year for which figures are available. That total was bolstered by £57bn of ethical savings and investments, said the report.
In the now £14bn ethical food and drink market, sales trends reflect people are making changes to their diet, with demand for vegetarian and plant-based foods gone up by 34 per cent at £1.5bn. Fairtrade and organic food also grew strongly, up 14 per cent and 13 per cent respectively, while free-range egg sales exceeded £1bn for the first time.
Steve Murrells, the Co-op’s chief executive, said shoppers were “turning up the heat” to get companies to change. The boycotts were a “warning to brands that they must do business in a better way for workers, communities and the planet”, he said.
The report also highlighted the growing appetite to buy second hand goods, be it for financial or environmental reasons, including second hand clothes and “pre-loved” furniture.
The retailer’s ethical consumerism report, which is a barometer of the extent to which consumers’ shopping habits reflect their concerns about the environment, animal welfare and social justice, also found more shoppers were boycotting brands on ethical or social concerns. These businesses suffered a £3.9bn loss of sales, which was £600m bigger than the previous year.
Another segment that saw the biggest increase was eco-travel and transport, where sales rose by more than 70 per cent to £12.2bn through the rise in electric car ownership and revived culture of cycling.
To use this website you must be aged 18 years or over. Please verify your age before entering the site.
