Gen Z, Millennials eager to spend on sustainable products – EY research

KUALA LUMPUR – Malaysia’s Gen Z and Millennials are willing to pay for sustainable products, but the majority are reluctant to use energy, according to Ernst & Young’s (EY) Energy Transition Consumer Survey. Insights report:

According to the survey, 81% of Malaysian energy consumers believe they are doing their part to promote sustainability, and 85% believe that energy suppliers have a responsibility to manage sustainable energy use. 31% said they would not pay more for sustainable products.

Ikran

Ikran

Mark Bennett, Customer Experience Transformation Leader, EY Asia Pacific Energy & Resources, said in a statement today: “Amid rising energy prices, geopolitical volatility and growing concerns, the new energy transition “We have entered a phase where consumers are grappling with uncertainty.” About energy equity.

“While supply-side initiatives are gaining momentum, a fundamental shift is needed in how we drive sustainable consumer behavior. Consumers want a clean energy future, but individual Energy choices require broad support.”

He said everyone in the broader energy ecosystem, including energy suppliers and governments, will need to work together to pull all the levers to close the gap between consumer intentions and actions.

The findings are compiled into the EY Energy Consumer Confidence Index, which measures and tracks how confident consumers are about their energy situation, energy markets and the future of the energy transition across 38 indicators of energy transition progress. Compare.

According to the index, energy consumers in Southeast Asia (SEA) are more confident about their energy future than global respondents, with Indonesia in second place with a score of 72.2, Malaysia in third place with a score of 69.4; Singapore ranks sixth with a score of 69.4. 61.7’s.

“The survey results reveal a correlation between countries’ progress in the energy transition and energy consumer confidence.As markets progress through the energy transition, consumer confidence initially rises, leading to positive sentiment about the future. , and then declines rapidly.”

“This may be because, as the energy transition moves from concept to implementation, the magnitude, complexity and degree of disruption inherent in this process is becoming increasingly apparent to consumers. ” he added.

Mr Bennett elaborated that Southeast Asia is still in the relatively early stages of the energy transition and consumers in the region remain more confident about their energy future than global respondents.

“Building and maintaining consumer trust throughout the energy transition is a key factor in determining whether the country can meet its decarbonization goals.

“SEA is in a unique position to learn from the experiences of countries further along in their energy transition journey and choose to do things differently to achieve their net zero commitments,” he said.

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