By Lisa Johnston
New products on display at the American International Toy Fair, held in N
“Green” consumer electronics could generate more greenbacks for retailers and vendors.
According to a recent survey conducted for TWICE by market research firm Compete, the majority of consumers would be willing to pay a premium for environmentally friendly electronics products.
Specifically, 58 percent of shoppers said they would pay more for a cellphone, computer, digital music player or other electronic device with eco-friendly features.
Compete queried 914 consumers for the survey, which was conducted online in February.
Of those polled, 35 percent said they would be willing to pay as much as 24 percent more for a “green” product, while 13 percent said they would pay a premium as high as 49 percent above the regular cost of a device if it helped protect the environment in some way.
Five percent of the respondents said they would ante up as much as 75 percent more for a “green” CE product, and another 5 percent indicated a willingness to pay a 100 percent premium for devices with a diminished impact on the environment.
On the flip side, fully 41 percent of those surveyed said they wouldn’t pay anything extra for eco-friendly electronics. What’s more, while intentions are all well and good, it is difficult to determine what percentage of those who said they would pay a premium will actually do so on the sales floor or checkout page.
Nevertheless, Compete’s consumer technologies director Elaine Warner believes “2009 will be the year that 'green’ becomes profitable, not just trendy. And that will be what truly drives action. As our data show, consumers are willing to spend money to get green products, and that could, beyond just increasing revenue and margins, be a catalyst for OEMs to get through this recession as well.”
Compete, a unit of TNS Media, was founded in 2000 and is headquartered in Boston, with offices throughout the United States. The company helps such businesses as Verizon Wireless, Upromise, Chrysler, Hyundai and Carlson Hotels increase their online and offline marketing effectiveness based on online behaviors and survey responses from millions of consumers. For more information, visit www.competeinc.com.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.