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Sustainable Products Gaining Popularity Among Gen Z, Millennials

KUALA LUMPUR: People within the Generation Z (Gen Z) age range, along with millennials, are willing to pay a higher price for sustainable products, but a majority of them are not willing to commit any additional resources to be more sustainable in their energy usage.

This is the result that was derived from a recent Ernst & Young’s (EY) Energy Transition Consumer Insights report.

The survey found that 81% of Malaysian energy consumers believe they are doing their part to promote sustainability, 85% believe energy providers are responsible for managing sustainable energy use and 31% are unwilling to pay more for sustainable products.

EY Asia Pacific Energy and Resources Customer Experience Transformation Leader Mark Bennett said, “Consumers are grappling with uncertainty as we enter a new phase of energy transition, amid higher energy prices, geopolitical volatility and growing concerns around energy equity.

“While efforts on the supply side are gaining momentum we need a fundamental shift in how we encourage sustainable consumer behaviour. Consumers want a clean energy future but need a broad range of support to make personal energy choices,” he added.

He also mentioned that to close the gap between consumers’ intentions and actions, everyone in the broader energy ecosystem, including energy providers and the government, must work together to do their part.

Additionally, the index found that energy consumers from Southeast Asia (SEA) were more confident about their energy future than global respondents, with Indonesia ranking second with a score of 72.2, Malaysia ranking third with a score of 69.4 and Singapore in sixth position with a score of 61.7.

“The findings reveal a correlation between the progress of countries in the energy transition and energy consumer confidence. As a market progresses through the energy transition process, consumer confidence rises first, reflecting positive sentiment around the future before falling sharply.

“This might be because as the energy transition process shifts from concept to implementation, the magnitude, intricacy and extent of disruption inherent in this journey become increasingly apparent to consumers,” he added.

Bennet elaborated that SEA is still relatively in the early stage of its energy transition and consumers in the region remain more confident about their energy future than global respondents.

“Building and maintaining consumer confidence throughout the transition journey is an important determinant of a country’s ability to achieve its decarbonisation goals.

“SEA is in a unique position to learn from the experience of countries that are further along in their transition journey and choose to do some things differently in achieving its net-zero commitments,” Bennet added.

— BERNAMA

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