Consumers today are now increasingly concerned about the environment as there is more information about environment pollution due to human activities. It’s also because of the abuse that mankind has inflicted on the planet that is now becoming apparent. One such example is the changing weather patterns all over the world.
From choosing eco friendly products to opting for eco friendly construction and practises, the purchasing pattern of consumers have driven more manufacturers to enter the green market in order to meet the needs of the consumer. Marketing managers also have recognised the importance of the ‘green’ tag to products, and are devising new strategies to appeal to the eco friendly consumer.
Sustainability, the consumer and the green market
Consumer market demands and trends have given a boost to the green industry and going green has become an attractive option for businesses. The green industry is also enjoying the benefit of government support apart from gaining favourable public reviews, due to their marketing segments publicising their low carbon footprint etc. The trend of consumption of green products is pointing towards more eco friendly business opportunities in the future.
The range of environmentally friendly businesses is also increasing with consultant companies providing expertise in energy efficiency, farmers growing organic food as the customer base for organic has increased, cleaning services and car washes which use eco friendly cleaning solutions and a host of other enterprising concepts.
Demand for green features by consumers transforming the construction methods
Consumer market statistics on green home practises have revealed that consumers are looking at the implementation of environment friendly methods during construction of new property or in the renovation of old property, in both commercial and residential sectors. Traditional constructions are usually energy inefficient and do not utilize sustainable resources which could reduce energy costs. As corporates and homeowners seek to decrease their carbon footprint and save money by increasing energy efficiency, experts in solar panel installation, for example, and energy auditors are in demand.
According to a study, storage and hardwood floors are no longer the selling points of buildings. Green features in a construction is what is getting the most footfalls. Homeowners are increasingly choosing their builders based on their knowledge and use of green practises in construction.
As a result, almost 95% of builders install low-e windows, high efficient HCAV systems are installed by 92% of builders. Programmable thermostats were used by 88% builders, Energy star appliances and duct systems which were energy efficient also saw an increased use by builders. But the consumer market demands and trends for solar panels and other renewable energy methods is still quite low, and thus is still not a norm in green construction, maybe because the technology is still expensive.
On the other hand, 87-90% of buyers counted green features as well as a good rating of Energy Star for the building as desirable, which in turn has driven eco friendly construction and practises in construction.
Varying degree of implementation of eco friendly construction and practises in businesses
Businesses are going green in different degrees. Huge factories might install solar panels in an effort to reduce energy costs, whereas a warehouse might install LED lights, and a builder might use recycled materials for insulation. It has been noted that construction companies as well as owners are able to recognize future cost savings and more profits in the future, and are willing to pay more for green construction to become more sustainable.
Business trends for green industry
Consumers today are clued in to the green movement at the global level. The impact on the environment by the actions of humanity and the need to preserve depleting natural resources has led to the creation of the eco friendly consumer who would prefer to buy goods at a premium if they are less harmful or cause no harm to the environment.
A global study revealed that 55% consumers from 60 countries would pay more for eco friendly products. This trend has led to organic food to evolve from a niche market to being more mainstream in recent years, with sales of more than $35 billion in 2014.
Consumer market statistics on green home practises and green products clearly indicate that consumers are driving the market towards more sustainable practises and green products worldwide.
