Green Opportunity: Are Green Products Recession-Proof ?
Green products seem to defy this trend and may be somewhat recession-proof. A number of reports in recent days from Forrester Research, the Carbon Trust Standard and IRI have shown environmental considerations remaining important even during a recession. Environmentally conscious consumers seem to remain green even during hard times. They are willing to pay more for green and ethically produced products and they are brand loyal to companies with genuine environmental benefits. The market for green products was estimated at $209 billion in 2008. This represents an opportunity for green marketers as green consumers are truly distinct from mass consumers. Green consumers are willing to pay more or stick to brands that serve their ethical values and meet their needs for a more sustainable environment. Some authors such as J. Ottman suggest that products should not be sold on their green-ness alone. Obviously sub-par or lower quality products sold at a premium because they are labeled green
