China has highest interest in and demand for green products so certified, according to a new Asian survey.
The survey carried out by certifications provider TÜV SÜD found that 94 percent of Chinese consumers would pay a premium of up to 45 percent on the average for certified green products and services.
The research is the first to investigate, compare and contrast consumer attitudes to green products, services, policies and certification in Asia. It was carried out in China, India and Singapore.
Apart from their eagerness to buy and pay extra for certified green products, a large percentage of respondents, especially those from China, claimed they were already purchasing environmentally sound products.
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“The TÜV SÜD Green Gauge 2010 shows that there is generally a high level of interest in green issues by both businesses and urban consumers,” said Dirk von Wahl, chief executive of TÜV SÜD China.
“However, businesses appear to not be aware of the intensity of interest among urban consumers and how this translates into demand for green products and the willingness to pay premiums of almost 50 percent for them. This shows a large and potentially lucrative opportunity in the market.”
Of those surveyed, 94 percent of consumers and 88 percent of the business sector believe that green issues will become even more prevalent in the next five years.
Over 90 percent of responding consumers also said having independent green certifications is important in the choice of buying a product. It was in fact the consistent finding from all three countries, which suggests that certifications provide credibility to products presenting themselves as green.
“The results of this research clearly demonstrate that we have reached an era where Green products and services not only help tackle pertinent environment issues but make genuine business sense,” Mr. Wahl said.
“Over the next five years, this is only going to intensify. With a comparably limited number of green products and services currently on the market, firms that act quickly to capitalize on this growing trend will reap significant rewards.”
