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Impact Factors for Sustainable Consumption in Today’s World
- 1 College of Business and Public Management, Wenzhou-Kean University, Wenzhou, 325006, China
* Author to whom correspondence should be addressed.
Abstract
One can define sustainable consumption as the act of procuring services or products that satisfy the requirements of individuals while simultaneously reducing the impact on the environment, which has become increasingly important in addressing global challenges like climate change and resource depletion. The present study explores the factors influencing sustainable consumption, focusing on social, economic, psychological, policy, and business strategy aspects. By reviewing research surveys, results of regression analysis, and case studies, this paper reveals that social norms, income levels, environmental awareness, government policies, and green marketing strategies significantly impact consumers’ sustainable consumption behaviors. The findings of the study emphasize that sustainable consumption can only be effectively promoted if multifaceted influences are considered in an integrated manner and several sustainable strategies involving all stakeholders are put in place. Ultimately, this investigation renders useful awareness for the benefit of consumers, companies, and policymakers who are interested in enhancing their practices regarding sustainability.
Keywords
Sustainable consumption, social factors, economic factors, policy factors, green marketing
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Cite this article
Shen,Y. (2024). Impact Factors for Sustainable Consumption in Today’s World. Advances in Economics, Management and Political Sciences,114,27-34.
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The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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Volume title: Proceedings of ICEMGD 2024 Workshop: Innovative Strategies in Microeconomic Business Management
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