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Majority of consumers feel brands don’t supply enough information

by LLB Finance Reporter
20th May 21 9:23 am

A massive 74% of consumers believe that retailers don’t supply enough information to help guide conscious and ethical purchasing decisions, according to new research by lifestyle and impact-driven banking app, Novus.

The research, which surveyed 500 individuals between the ages of 18 and 35 on their attitudes towards conscious consumerism, also revealed 63% contributed to positive social and environmental impact on a weekly basis, with a further 89% advising they proactively look to make more sustainable decisions in their everyday purchases.

In addition, an overwhelming 97% believe all consumers should be more conscious in how they spend their money and ensure they financially support ethical and sustainable brands that clearly back a good cause, with 82% believing they are already ‘conscious consumers’.

Other key take outs from the research include:

  • 83% of respondents confirmed they regularly think about their personal carbon footprint and different ways to offset it.
  • 82% of respondents advised they now regularly shop online as a result of the COVID-19 pandemic.
  • 95% of respondents believe the Novus business model – which combines digital banking with positive impact and sustainable lifestyle – is the way forward.

The research comes as Novus prepares to release its beta version of the app for testing, ahead of launching to the wider public this summer.

Co-founder and CEO of Novus, Hristian Nedyalkov, explained: “Over the last 12 months there has been a growing sentiment around shopping more sustainably, where COVID-19 has shifted purchasing habits from convenience to being more purpose-driven. This is reinforced by our latest research and proves that the average consumer is now looking to proactively engage with brands that not only showcase sustainability, but also guide ethical purchasing decisions.

“This is something that we have worked incredibly hard to achieve with Novus and we look forward to helping growing numbers of conscious consumers drive positive social, economic and environmental impact following its official launch this summer.”

A ‘next generation’ banking and lifestyle tool, Novus uses advanced technology to generate positive impact from everyday financial activity. With the added support of an in-app marketplace, members can discover and buy from an expanding range of ethical and sustainable brands whilst receiving rewards for their ‘smart’ purchases in the form of cashback, discounts and a range of other benefits.

Created by five entrepreneurs with shared experience in fintech, software growth and app development, the value-driven organisation has a vision to become the ‘Super App’ for the growing conscious consumer segment and plans to practice its core values of transparency, empowerment, community, diversity and positive mindset to promote, inspire and create meaningful change in the world.

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