While consumers are willing to pay a premium for ethically made goods, they will also buy unethically made products at a steep discount, the Wall Street Journal reports.
The WSJ research also shows that even if a company invests just a little in ethical production, buyers will reward it just as much as a company that goes much further in its efforts.
Not all consumers were won over by companies’ ethical production efforts in the Journal test. Some preferred a lower price even if they knew a product was unethically produced. The Journal concluded in part that companies should segment their market and make a particular effort to reach out to buyers with high ethical standards, because those are the customers who can deliver the biggest potential profits on ethically produced goods.
Overall, if companies act in a socially responsible manner, and advertise it, they may be able to charge slightly more for products, the Journal reports.
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