Gen Z and millennial consumers in China, India and other emerging economies are more environmentally conscious, more likely to buy sustainable products and more distrustful of corporate sustainability claims than their counterparts in developed countries, according to a Credit Suisse Research Institute report.

The survey of 10,000 young consumers in 10 countries suggests significant opportunities in the food, fashion, travel, tourism and housing industries for companies that offer products that align with their values, and risks for those that do not. 

The survey also found more support among Gen Z and millennials in emerging economies for government regulation of unsustainable products or for banning them altogether from the market. 

Eugène Klerk, Credit Suisse’s head of global ESG & thematic research, said that the survey did not directly answer why Gen Z and millennial consumers in emerging economies are more sustainably minded than those in developed nations. But he said climate change may explain the difference in attitudes.

“First, consumers across emerging markets might have been more exposed to the impact of global warming than those living in developed markets, which might explain why they are more engaged with finding solutions,” he wrote. “Another reason could be that younger consumers in developed countries have a lifestyle that is less sustainable than that of consumers in developing economies.”

Giving up environmentally destructive fast fashion is a harder ask of young consumers. While 41% of those surveyed said they believe the fashion industry is unsustainable, given its greenhouse gas emissions and consumption of water and plastics, only 20% to 40% intend to decrease fast fashion purchases. The outlier was China, where more than half said they would buy less fast fashion.