Are consumers ready to go green?

I often hear “everyone wants to go green, but no one wants to pay more for it.” Personally, I don’t mind paying a bit more for a better product. Don’t get me wrong here – I don’t want to pay $3 to buy a product that would normally cost $1, but I would be willing to pay $1.25-$1.50 without thinking twice.

Interestingly, it seems most consumers (even ones without disposable income) share my thoughts; a recent study by Miller Zell, a retail and strategy design firm, finds that lower income shoppers are driving the sustainable product marketplace, not the higher income, lifestyle consumers many think of as supporting sustainability.

Overall, the survey found 50% of consumers are willing to pay a premium for a product they consider to be green. The largest benefit comes to grocery stores, where 79% of shoppers will pay the premium and to mass retailers, where the number is 70%.

The research also suggests that retailers and manufacturers may be missing a great brand building opportunity with a younger, lower income consumer.

In addition, consumers seem to impulse buy green items, about 62 percent of shoppers say that the availability of green product options can impact unplanned purchases, according to a new report from Miller Zell.

Nearly three-quarters of women respond to green products as impulse buys, income and age were less determining factors, according to the report.

Perhaps the saying should be “Everyone wants to go green, and we are willing to pay for it – as long as it is reasonable!”