Over 50% and 37% of Singaporeans trust in recyclable and sustainably produced product labels, respectively according to the 2019 Lifestyles Survey from global market research company Euromonitor International.
Euromonitor will share insights on how technological developments and sustainable lifestyles will change businesses at its first conference held in Singapore today, on October 18th, 2019.
In the future, sustainable lifestyles driven by concern about the environment will involve less meat, no plastic and bulk buying, says Erika Sirimanne, head of home and garden research at Euromonitor International.
Sustainability is quickly gaining momentum, but businesses in Asia Pacific have been slower to react. In fact, Singapore was ranked 63rd out of 97 markets in Euromonitor's Environmental Sustainability Index, with energy and pollution pillars pulling the country's score down. More than 95% of Singapore's electricity output comes from fossil fuels. In Norway it's closer to 2%, adds Sirimanne.
There is potential for businesses to leverage renewable sources of energy. Solar power is the most viable for Singapore. Floating solar panels in places like Bedok reservoir are likely to become commonplace. Vertical farms could also help land-scarce Singapore become self-sufficient in producing fresh vegetables, reducing our dependence on foreign markets for fresh produce, and lowering carbon emissions in the process. While education is key to success, customers buy-in is inevitable for businesses to innovate sustainability, Sirimanne concludes.
To receive the presentations on Envisioning the Consumer of the Future please visit: https://go.euromonitor.com/event-consumers-2019-singapore_conference.html
About Euromonitor International
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Source: NAM News Network