The 2024 Watermark Study reveals a global trend of consumers ceasing to buy products linked to excessive water use due to rising concerns over water scarcity. While access to clean water remains a significant issue, trust in businesses and governments to manage water resources effectively is waning. Experts emphasize the need for companies to adopt robust water management practices as part of their sustainable business strategies.
Shoppers globally are increasingly abandoning products associated with high water consumption due to escalating concerns about water scarcity, as indicated by the latest findings from the 2024 Watermark Study conducted by Ecolab, a renowned leader in sustainability. Notably, 80% of respondents from China, 69% from India, the Middle East and Africa, and 65% from Latin America reported that they had ceased purchasing such products. This trend underscores a rising awareness among consumers regarding the importance of water conservation. The analysis further reveals that access to clean and safe water remains a critical issue for many individuals, with Latin America reporting the highest concern at 90%. In the United States, 80% of citizens expressed concern about water availability, alongside 71% who worry specifically about the access to clean and safe water. Despite these concerns, there exists a troubling lack of trust in corporations and governmental entities to effectively address the water crisis. Remarkably, fewer than 50% of consumers in both the United States and Europe believe that businesses and governments prioritize water conservation. Ecolab’s senior vice president and chief sustainability officer, Emilio Tenuta, emphasized in an interview that the study highlights the critical nature of water scarcity, asserting, “The data is clear that consumers care about water and the environment, and they are holding all of us responsible to act.” He further elaborated that addressing water scarcity transcends being merely a sustainability issue, as it has become a business imperative. Tenuta noted that consumers across various regions believe that actionable measures can mitigate the challenges posed by water scarcity. The analysis also identifies a significant consumer preference for the availability of clean water over other environmental matters. “There has also been a significant increase in the awareness campaigns and educational efforts going on around the world in terms of the importance of conservation,” Tenuta remarked. He acknowledged that corporate responsibility has evolved, with many organizations recognizing that effective water management is vital for mitigating climate change impacts. Moreover, Victoria Edwards, Chief Executive and Co-founder of FIDO Tech, elaborated via email that companies embracing sustainability are likely to thrive with consumer and stakeholder support. She pointed out that urban customers are acutely aware of the fragility of their water supply and are inclined to support brands that transparently tackle these issues. In conclusion, Edwards noted, “In the most enlightened corporations, like the multinationals we work with, water is rapidly becoming an issue for CFO and CEOs, not just for sustainability teams.” This indicates a shift towards a more proactive stance on water management across corporate leadership.
Water scarcity is an increasingly pressing global issue, exacerbated by climate change and overconsumption. The growing awareness of this crisis is influencing consumer behavior, as people are becoming more selective in their purchasing decisions, opting for brands that demonstrate a commitment to sustainability. The findings of the 2024 Watermark Study illustrate this trend, revealing widespread concern about water issues across various demographics and regions. Companies are thus recognizing the necessity of incorporating water management strategies into their operational frameworks to meet consumer expectations and mitigate environmental impacts.
The findings presented in the 2024 Watermark Study reveal a significant shift in consumer behavior driven by heightened concerns regarding water scarcity. As consumers increasingly prioritize the availability of clean water, businesses are nudged towards responsibility in water conservation. This trend highlights a critical need for both businesses and governments to foster trust and transparency in their environmental practices to remain viable in a concerned consumer marketplace.
Original Source: www.forbes.com
