With the consumer confidence index near bottom and a growing concern over employment savings and security, consumers ravaged by debt are still willing to go green. High-efficiency water heaters and energy-efficient appliances still appear on shopping lists, even as people search for ways to save their money.
Buying compact fluorescent light bulbs instead of incandescent ones, carpooling and growing your own vegetables also make the list.
Consumers are far more likely to take energy-efficient measures once they discover that they would save money over the long term. The idea of reducing one’s living expenses while consuming less energy certainly brings peace of mind.
According to a recent survey by The Shelton Group, the majority of consumers place savings over environmental concerns for their purchases. This is a change from recent years where helping the environment topped the minds of most.
Credit Crunch Eco-Friendliness
Consumers Are Going Green Out of Necessity
Trend Themes
1. High-efficiency Home Appliances - Opportunity to develop and market energy-efficient appliances that offer long-term cost savings for consumers.
2. Sustainable Lighting Solutions - Potential for disruptive innovation in the development and sale of energy-saving light bulbs to meet consumer demand for cost-effective lighting.
3. DIY Sustainable Living - Opportunity to create products and services that empower consumers to live sustainably and save money by growing their own food and adopting eco-friendly practices.
Industry Implications
1. Home Appliance Manufacturing - Manufacturers can seize the opportunity to produce and market high-efficiency appliances that align with consumer demand for cost savings and environmental consciousness.
2. Lighting Technology - Lighting companies can explore innovative solutions and technologies to develop and sell energy-efficient bulbs that meet consumer preferences for sustainable lighting.
3. Sustainable Living Services - Service providers can offer guidance and support to individuals and communities looking to adopt sustainable practices, such as growing their own food and reducing their ecological footprint.