The voluntary “green” consumer trend has grown considerably over the years. Consumer behavior is continuously changing and the market is seeing a shift in demand for green products, as more and more consumers are opting to buy green products, companies are enhancing their green initiative and focusing on the environment-friendly products.
Leading manufacturers are in a battle to win both the hearts and the minds of the consumer. Although most consumers have a built-in conscious to protect the environment for future generations, consumer behavior is not solely an environmentally based decision. Consumers seek to find products that make both complete economic and environmental sense, saving previous dollars and resources.
According to a survey conducted by Euromonitor International, 85 percent of consumers worldwide believe that price is a key factor when purchasing a product. Although, 70 percent of consumers are willing to spend more on green products compared to the same product without green features, the recession has played an important role in the consumer buying behavior. At the current time, buyers are more interested in cutting costs and decreasing their monthly expenditure as a percentage of their gross disposable income.
So what’s next? Consumers are requesting greener products that are cost friendly. Manufacturers are working on meeting these demands through day to day innovations. Mr. D. Y. Kim, President of LG Electronics Gulf FZE said: “The technology industry nowadays is at height of its competitiveness. Companies are researching green products and introducing new innovations to the market every day. LG has been practicing environmental management and is a leader in developing green innovations and is providing consumers with break-through technology that is eco-friendly and cost efficient. LG Electronics makes every effort to provide better quality to consumers and to contribute to more sustainable communities.”
Consumers of today want the products of tomorrow which cost less money and save more money. Savings whether of energy consumption or income have equal importance ensuring manufacturers focus on shortening the cycle of innovation to create products such as the Steam Direct Drive washing machine from LG which uses 35 percent less water and 21percent less energy. Other innovations from the company include the Eco-friendly R600A refrigerant equipped with Linear Compressor technology which saves up to 40 percent of energy and LED lighting which could save up to 84 percent of energy.
Green consumer trends will continue to grow over the next decade. It is the responsibility of global leaders such as LG to continue driving innovation meeting the demands of consumers and keeping the planet green.
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