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Low Income Consumers Drive Sustainable Purchasing
July 21, 2009
July 22, 2009 - 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. Disposable income is not directly correlated to increased spending on green products, and in fact has an inverse relationship. Millenials and Gen Y'ers are the most likely to pay a premium for green products, while at the same time being the least satisfied with product information targeted to them.
Read the original report here.