Findings Reveal Consumer Frustration with
Plastic Packaging and Expectation for Brands to Act
Footprint, a global materials science technology company focused
on creating a healthy planet, today released the results of a
multi-country research study examining consumer attitudes toward
single-use plastics and the expectations they have of brands and
retailers to provide more sustainable options. The study, which was
conducted by Wunderman Thompson Intelligence on behalf of
Footprint, dove into attitudes among consumers in the United
States, United Kingdom, France, Germany and the Netherlands, and
looked at how COVID-19 played a role in those sentiments.
The survey findings strongly underscored the significant roles
that brands and retailers are expected to play in creating a more
sustainable planet. Across all countries and age demographics
examined, 87% of consumers agreed that companies have a
responsibility to protect the planet and its people, with
generation Z and millennials especially expressing a constant
source of stress and anxiety about the future of the planet. Most
consumers agree that climate action is urgent and see a connection
to plastic as one contributor to climate change. Eighty-five
percent of people said brands should play a major role in solving
sustainability because they’re the ones causing the problem and a
majority of respondents (78%) also concurred that companies and
brands are not currently doing enough to protect the planet. In
particular:
- 72% are dissatisfied with the amount of plastic food packaging
waste they end up with at home
- 80% say takeaway restaurants need to act faster to get rid of
plastic packaging and utensils
- 86% say grocery stores should do more to reduce the amount of
plastic packaging being sold
The survey results were previewed in February at Footprint’s
fourth annual Sustainability Summit, Champions of Change, where
leaders from top corporations, scientists, health experts, partners
and investors shared insights, new data, trends, and provided
inspiration for embracing the move toward a more sustainable
future.
“This new study shows that brands taking a leadership role in
offering sustainable alternatives to single-use plastics have an
enormous opportunity to not only make a difference for our planet,
but also influence consumers through sustainable packaging,” said
Footprint co-founder and CEO Troy Swope. “Not only do consumers
expect companies to lead, now we’ve crossed into new territory
where the majority of people surveyed will actually make choices
about where they shop and what they buy based on sustainable
offerings.”
Companies Have an Opportunity
When asked who should take responsibility for reducing plastic
waste, 76% of respondents said companies who produce and/or grow
goods, followed by grocery stores (62%), national and local
governments (57%) and lastly individuals (52%).
However, consumers demonstrated a willingness to change their
personal purchasing behaviors based on sustainability factors. For
example:
- 63% of consumers are willing to pay more for products and
services if they help protect the environment
- 68% are more likely to choose a brand, store or restaurant that
uses sustainable packaging
- 65% would switch grocery stores if they knew the store was
committed to sustainable packaging rather than plastic
- 77% are more likely to buy products if they could be sure they
were packaged sustainably
Furthermore, consumers generally express negative emotions when
buying products that are packaged in plastic, including “guilty,”
“annoyed,” and “frustrated,” while sustainable packaging inspires
consumers to feel “reassured,” “happy” and “relieved.” Brands that
choose sustainable options will likely have their products
associated with more positive emotions.
Sustainability Issues Cross Generational Lines
Interestingly, while Gen Z has a reputation for being the most
concerned about climate change and sustainability issues, the
importance of these issues is felt nearly equally across
generations, with 83% of respondents saying that it’s urgent that
we do all we can to tackle climate change. And 73% believe there is
a direct link between how much plastic packaging people use and
climate change. All generations worry about how their actions might
impact future generations, with Boomers being slightly less
concerned (68%), compared to 72% of Gen X, 77% of Millennials and
74% of Gen Z.
Consumers Will Make Sustainable Choices If They Are Easy to
Make
When asked about their sustainable habits, consumers are most
likely to say they take straightforward steps such as recycling at
home (89% monthly), avoiding single-use plastic (72% monthly) and
refusing plastic bags while shopping (70% monthly).
Eighty percent of consumers like the idea of a plastic-free
shopping aisle and 83% like the idea of a sustainable or
plastic-free search option for online grocery shopping, while 85%
support sustainable/plastic-free packaging options for takeout.
Over half (53%) said they prefer to shop for their groceries online
because it’s easier to tell if product comes in sustainable
packaging.
“There’s a genuine opportunity here for brands to help consumers
by making sustainable choices more accessible, convenient and
straightforward” said Marie Stafford, Global Director for Wunderman
Thompson Intelligence, who conducted the research. “This is not
just about doing the right thing; there’s a powerful business case
here too. We have found that most people show a marked preference
for brands who are demonstrating commitment and taking action on
sustainability issues.”
Survey Methodology
Wunderman Thompson Intelligence surveyed 5,000 (1,000 per
market) individuals over the age of 18 in the United States, the
United Kingdom, France, Germany and the Netherlands. The survey was
fielded using Wunderman Thompson’s online research tool, and the
panel was sourced from EMI Research Solutions. Fielding was
executed between January 19 – 28, 2022.
About Footprint
Footprint has a clear vision to create a healthier planet and
healthier people. Phase one of our mission is to provide solutions
that eliminate single-use and short-term use plastics in our food
chain. Footprint’s team of engineers use plant-based fiber
technology to design, develop and manufacture biodegradable,
compostable, and recyclable products that compete with plastic’s
cost, and performance. Footprint is rapidly expanding into new
categories with customized and patented solutions for customers.
Footprint’s products have already led to a global redirection of 61
million pounds of plastic waste from entering the air, earth, and
water working with leading global consumer brands.
In December 2021, Footprint announced its intention to list on
NASDAQ as a public company in a business combination agreement with
Gores Holdings VIII, Inc. (Nasdaq: GIIX, GIIXW and GIIXU). Full
information on this definitive agreement can be found here.
Footprint was founded in by former Intel engineers, Troy Swope
and Yoke Chung. The company employs more than 2,500 employees, with
operations in the U.S., Mexicali, Europe, and Asia. Footprint was
named to the 2020 Fortune “Change the World” list in 2020, is a
member of the World Economic Forum’s Global Innovators Community,
was named a CNBC Disruptor 50 company and Newsweek’s America’s
Greatest Disruptors/Planet Protectors in 2021.
About Gores Holdings VIII, Inc.
Gores Holdings VIII, Inc. (Nasdaq: GIIXU) is a special purpose
acquisition company sponsored by an affiliate of The Gores Group,
LLC, founded by Alec Gores. Gores Holdings VIII, Inc. completed its
initial public offering in March 2021, raising approximately $345
million in cash proceeds for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Gores Holdings VIII, Inc.’s strategy is to identify,
acquire and, after the initial business combination, to build a
company in an industry or sector that complements the experience of
its management team and can benefit from their operational
expertise.
Forward-looking Statements
Certain statements in this communication (“Communication”) may be considered “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995 and within the meaning of the federal securities laws
with respect to the proposed business combination between the Gores
Holdings VIII, Inc. (“Gores Holdings
VIII”) and Footprint International Holdco, Inc.
(“Footprint”), including statements
regarding the benefits of the proposed business combination, the
anticipated timing of the proposed business combination, the
likelihood and ability of the parties to successfully consummate
the proposed business combination and the PIPE investment, the
amount of funds available in the trust account as a result of
shareholder redemptions or otherwise, the services offered by
Footprint and the markets in which Footprint operates, business
strategies, debt levels, industry environment, potential growth
opportunities, the effects of regulations and Gores Holdings VIII’s
or Footprint’s projected future results. These forward-looking
statements generally are identified by the words “believe,”
“predict,” “project,” “potential,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “forecast,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “should,”
“will be,” “will continue,” “will likely result,” and similar
expressions (including the negative versions of such words or
expressions).
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: (i) the risk that the
proposed business combination may not be completed in a timely
manner or at all, which may adversely affect the price of Gores
Holdings VIII securities; (ii) the risk that the proposed business
combination may not be completed by Gores Holdings VIII’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by Gores
Holdings VIII; (iii) the failure to satisfy the conditions to the
consummation of the proposed business combination and PIPE
investment, including the approval of the proposed business
combination by Gores Holdings VIII’s stockholders, the satisfaction
of the minimum trust account amount following redemptions by Gores
Holdings VIII’s public stockholders and the receipt of certain
governmental and regulatory approvals; (iv) the failure to obtain
financing to complete the proposed business combination, including
to consummate the PIPE investment, (v) the effect of the
announcement or pendency of the proposed business combination on
Footprint’s business relationships, performance, and business
generally; (vi) risks that the proposed business combination
disrupts current plans of Footprint and potential difficulties in
Footprint’s employee retention as a result of the proposed business
combination; (vii) the outcome of any legal proceedings that may be
instituted against Gores Holdings VIII or Footprint related to the
agreement and the proposed business combination; (viii) changes to
the proposed structure of the business combination that may be
required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination (ix) the ability to maintain the listing
of the Gores Holdings VIII’s securities on the NASDAQ; (x) the
price of Gores Holdings VIII’s securities, including volatility
resulting from changes in the competitive and highly regulated
industries in which Footprint plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Footprint’s business and changes in the combined capital
structure; (xi) the ability to implement business plans, forecasts,
and other expectations after the completion of the proposed
business combination, and identify and realize additional
opportunities; and (xii) other risks and uncertainties set forth in
the section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statement” in Gores Holdings VIII final prospectus
relating to its initial public offering (File No. 333-252483)
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”) on February 24, 2021 and
other documents filed, or to be filed with the SEC by Gores
Holdings VIII, including the Registration Statement. The foregoing
list of factors is not exhaustive. There may be additional risks
that neither Gores Holdings VIII or Footprint presently know or
that Gores Holdings VIII or Footprint currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. You should
carefully consider the foregoing factors and the other risks and
uncertainties that will be described in Gores Holdings VIII’s
definitive proxy statement contained in the Registration Statement
(as defined below), including those under “Risk Factors” therein,
and other documents filed by Gores Holdings VIII from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Gores Holdings VIII and Footprint
assume no obligation and, except as required by law, do not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Neither
Gores Holdings VIII nor Footprint gives any assurance that either
Gores Holdings VIII or Footprint will achieve its expectations.
Projections
This Communication contains financial forecasts with respect to
Footprint’s projected financial results, including revenue.
Footprint’s independent auditors have not audited, reviewed,
compiled or performed any procedures with respect to the
projections for the purpose of their inclusion in this
Communication, and accordingly, they did not express an opinion or
provide any other form of assurance with respect thereto for the
purpose of this Communication. These projections should not be
relied upon as being necessarily indicative of future results. The
assumptions and estimates underlying the prospective financial
information are inherently uncertain and are subject to a wide
variety of significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially
from those contained in the prospective financial information.
Accordingly, there can be no assurance that the prospective results
are indicative of the future performance of Footprint or that
actual results will not differ materially from those presented in
the prospective financial information. Inclusion of the prospective
financial information in this Communication should not be regarded
as a representation by any person that the results contained in the
prospective financial information will be achieved.
Actual results may differ as a result of the completion of the
Footprint’s financial reporting period closing procedures, review
adjustments and other developments that may arise between now and
the time such financial information for the period is finalized. As
a result, these estimates are preliminary, may change and
constitute forward-looking information and, as a result, are
subject to risks and uncertainties. Neither Footprint’s nor Gores
Holdings VIII’s independent registered accounting firm has audited,
reviewed or compiled, examined or performed any procedures with
respect to the preliminary results, nor have they expressed any
opinion or any other form of assurance on the preliminary financial
information.
Additional Information about the Proposed Transaction and
Where to Find It
In connection with the business combination, Gores Holdings VIII
has filed a registration statement on Form S-4 (the “Registration Statement”) that includes a
preliminary prospectus and preliminary proxy statement of Gores
Holdings VIII. The proxy statement/prospectus is not yet effective.
The definitive proxy statement/prospectus, when it is declared
effective by the SEC, will be sent to all Gores Holdings VIII
stockholders as of a record date to be established for voting on
the proposed business combination and the other matters to be voted
upon at a meeting of Gores Holdings VIII’s stockholders to be held
to approve the proposed business combination and other matters (the
“Special Meeting”). Gores Holdings
VIII may also file other documents regarding the proposed business
combination with the SEC. The definitive proxy statement/final
prospectus will contain important information about the proposed
business combination and the other matters to be voted upon at the
Special Meeting and may contain information that an investor will
consider important in making a decision regarding an investment in
Gores Holdings VIII’s securities. Before making any voting
decision, investors and security holders of Gores Holdings VIII
and other interested parties are urged to read the Registration
Statement and the proxy statement and all other relevant documents
filed or that will be filed with the SEC in connection with the
proposed business combination as they become available because they
will contain important information about the proposed business
combination.
The definitive proxy statement/final prospectus will be mailed
to stockholders of Gores Holdings VIII as of a record date to be
established for voting on the business combination. Investors and
security holders will also be able to obtain free copies of the
definitive proxy statement/final prospectus and all other relevant
documents filed or that will be filed with the SEC by Gores
Holdings VIII through the website maintained by the SEC at
www.sec.gov, or by directing a request to Gores Holdings VIII,
Inc., 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer
Kwon Chou or by contacting Morrow Sodali LLC, Gores Holdings VIII’s
proxy solicitor, for help, toll-free at (800) 662-5200 (banks and
brokers can call collect at (203) 658-9400).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in Solicitation
Gores Holdings VIII, Footprint and certain of their respective
directors, executive officers may be deemed participants in the
solicitation of proxies from Gores Holdings VIII’s stockholders
with respect to the proposed business combination. A list of the
names of those directors and executive officers of Gores Holdings
VIII and a description of their interests in Gores Holdings VIII is
set forth in Gores Holdings VIII’s filings with the SEC (including
Gores Holdings VIII’s final prospectus relating to its initial
public offering (File No. 333-252483) declared effective by the SEC
on February 24, 2021). Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the proposed business combination may be obtained
by reading the Registration Statement. The documents described in
this paragraph are available free of charge at the SEC’s web site
at www.sec.gov, or by directing a request to Gores Holdings VIII,
Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon
Chou. Additional information regarding the names and interests of
such participants will be contained in the Registration Statement
for the proposed business combination when available.
No Offer and Non-Solicitation
This Communication is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of Gores Holdings VIII, Footprint or the combined company, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220322005564/en/
Media Contacts: Heather Knox
SVP Communications, Footprint Heather.knox@footprintus.com
Laura Zilverberg Allison + Partners for Footprint
footprint@allisonpr.com
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