Consumer Spending On Green Will Double, Reach $500 Billion In 2008
Consumers expect to double their spending on green products and services in the next year, totaling an estimated $500 billion annually or $43 billion per month, according to new findings from the 2007 ImagePower Green Brands Survey, conducted by WPP’s Landor Associates, Penn, Schoen & Berland Associates and Cohn & Wolfe.
The survey also found that consumer perceptions of green continue to change according to various collective definitions and contribute directly to buying decisions. In early research, for example, consumers indicated a close association of the color green with environmentally-friendly products. As products and awareness have increased in sophistication, perceptions have steadily shifted to equating green to saving money and caring for self and society in 2006. Today, the Green Brands Survey finds that consumers perceive green as a direct and positive reflection of their social status, in addition to recognizing its broader value to society and the world.
“This wave of research very clearly indicates an up tick in purchase intent for most consumers when it comes to green products and services, particularly those that are relatively simple to implement such as installing environmentally friendly lighting and upgrading to energy-saving appliances,” said Tom Agan, Managing Director of Penn, Schoen and Berland Associates, speaking at Sustainable Brands 07.
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