1 in 4 Pay More for Eco-Conscious Products

Nearly one in four adult U.S. shoppers are willing to pay more for product if they feel like they are helping the environment, and consumers ages 55+ have higher levels of eco-consciousness than younger generations, according to results of “The Checkout," a study from Integer Group, and M/A/R/C Research.

The findings also suggest while college-aged consumers are expected to embrace eco-concerns, they aren't necessarily willing to pay money to do so. Interestingly, all consumers are willing to make easy changes such as switching out light bulbs or getting paperless statements, but when it comes to doing something that requires more time, money and effort, such as only purchasing locally-grown organic food or carpooling, the amount of willing participants drops.

"Buying local means purchasing new products in new ways—requiring more effort behind routine shopping trips. To change behavior, the incentive must be compelling with tangible benefits," said Craig Elston, SVP, The Integer Group. "If shoppers can't see or feel an immediate reward for this new behavior—saving money, time, creating social change, etc—they'll opt to stick with what they know. Enabling shoppers to become change agents means helping them overcome deeper psychological barriers within."

Experts suggest brands and marketers focus on the emotional need instead of only the functional benefits if they want to see change.

“They need to make it worth their while. Price and quality are largely functional benefits. An emotional reward that focuses on how consumers feel versus the functional environmental benefit is the territory in which marketers must play," said Randy Wahl, EVP, M/A/R/C Research.

Sources:

PR Newswire: Research Finds One in Four Shoppers Willing to Pay More for Products that Support the Environment