HGTVpro.com: “Survey: Consumers willing to pay more for Green Products”
This article addresses a survey conducted by MarketTools, and looks at consumer buying behavior of green products.
Survey released on 4/14/08 (very recent)
- Stated that 7 out of 10 U.S. consumers are willing to pay a higher price for sustainable products. (that is 65%!)
- Consumers are savvier, and are beginning to understand and learn more about being environmentally friendly.
- The average consumer is willing to pay $8.30 more on a $100 item made using renewable resources.
- 28% of the U.S. overall state that environmental responsibility is important to them.
- 38, and 39% of Pacific NW and East South Central regions of the U.S. stated that environmental responsibility was important to them.
- Women are more environmentally responsible than men (86% said it was important)
- Income and age are not necessarily connected to reasons behind environmental responsibility, it is based more on individual choice and lifestyle.
It is encouraging to see that sustainability has entered the minds of the consumer as a factor in their purchasing decisions. There is a growing trend towards the "green" market, and this is something that should be fostered and developed by retailers in order to satisfy demand. Companies that are seeing the bigger picture are understanding now that by being proactive in their efforts towards sustainability, they are ensuring their competitive edge for the future.
Consumers - demand green products, and you shall receive! Remember that companies are driven by profit, and if they see profitability in sustainability we can all benefit! See green, Hear green, Buy green!