Biodegradable containers. Efficient lighting. Low emission vehicles. When it comes to buying products, consumers are often faced with a higher price tag for greener options.
But those pricier products aren’t scaring consumers away. Our most recent Trends Tracker Report reveals that consumer spending on eco-friendly products, from transportation to diet, is on the rise.
Using SurveyMonkey Audience, we surveyed 1,091 U.S. consumers on 10 topics, including electric and hybrid vehicles, GMO foods, and environmentally friendly products. Blueshift Research analyzed the data and wrote up their findings on how these trends affect businesses and investors.
So, what did the report uncover this month? Here are a few highlights:
- 5% of consumers say their next car will be a hybrid/electric vehicle
- More than 50% of consumers oppose GMO foods
- 1 in 3 consumers prefer eco-friendly options
One of the most interesting trends this month is consumers’ growing environmental conscience. Here’s how consumers responded when we asked, How likely are you to buy a product that is better for the environment than another product that is slightly cheaper?
We found that 35% of people are willing to spend more money on products that are better for the environment. And 56% of respondents were at least moderately or slightly likely, indicating that a majority of respondents would consider a higher price point for these products.
At the same time, the number of people who would never consider paying more is dropping. From March to April, we saw a 1 percentage point decrease among those who are not at all likely to pay more for eco-friendly products.
Who’s opening their wallets for a greener planet? Download our free Trends Tracker Report to get the surprising demographic breakdown. Plus, you’ll get insights into 10 other major consumer trends.