This file photo taken Oct. 10, 2024, shows people looking around environmentally friendly products at the 2024 ESG-ECO Expo Korea held at the COEX exhibition hall in Seoul. (Image courtesy of Yonhap)
SEOUL, March 21 (Korea Bizwire) — Seven out of 10 South Koreans are willing to pay more for products from companies that actively pursue environmental, social and government (ESG) management, a local survey showed Friday.
In the survey of 3,000 people aged 18 and older conducted by the Federation of Korean Industries (FKI) and Hankook Research, 73 percent of the respondents said they preferred to buy products made by environmentally friendly companies.
Seventy percent of them replied they are happy to spend more on products made by companies actively engaged in social contribution activities, the survey showed.
“ESG management is essential for companies to seek growth and to be chosen by consumers despite growing uncertainties due to the U.S. government’s protectionist policies and sluggish domestic consumption,” an FKI official said.
And 64 percent of the 3,000 respondents said they have participated in a boycott campaign against certain products in the past.
ESG management refers to a managerial approach that expands a company’s role beyond profit-making to social and environmental responsibilities.
(Yonhap)
