- Location
- Hammerwich
This is from an article by Lloyds Bank - https://www.lloydsbank.com/business...ingForum&utm_medium=social&utm_campaign=poll1
Point one from this article is:
1. People are willing to pay more for green products and services
While making changes to your manufacturing process or materials to make products greener, or making your business infrastructure more sustainable, may come at a cost, this can be offset by being able to charge more for your products or services. The ‘green pound’ is becoming increasingly prevalent, with a new generation of eco-conscious consumers willing to spend more on products with solid sustainability credentials. Research from the Natural Marketing Institute shows that consumers are willing to spend up to 20% more on products and services that are environmentally sound, while a study by Wunderman Thompson Intelligence found that 70% of people would be willing to pay higher costs for sustainable goods. In particular, products that can be reused or recycled can demand higher price-tags, with a global study by Accenture showing that more than half of consumers would pay a premium for such items.
Even in a difficult economy, people’s desire for green products is thriving. A recent poll by global health company Essity showed people are willing to spend around 12% extra on eco-friendly goods, with 81% of respondents saying that environmental issues have become even more important to them during lockdown.
And it’s not just consumers willing to pay more for green products and services – B2B companies can benefit from the increased focus on procurement policies which prioritise environmentally friendly supply chains.
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However, we rarely see the benefits of this at the farming level. A farm can be as green as it wants and there is no reflection in the price it is paid for basic commodities. Will ELMs see this change when we can be measured on the "green" ideas implemented by the DEFRA team?
Point one from this article is:
1. People are willing to pay more for green products and services
While making changes to your manufacturing process or materials to make products greener, or making your business infrastructure more sustainable, may come at a cost, this can be offset by being able to charge more for your products or services. The ‘green pound’ is becoming increasingly prevalent, with a new generation of eco-conscious consumers willing to spend more on products with solid sustainability credentials. Research from the Natural Marketing Institute shows that consumers are willing to spend up to 20% more on products and services that are environmentally sound, while a study by Wunderman Thompson Intelligence found that 70% of people would be willing to pay higher costs for sustainable goods. In particular, products that can be reused or recycled can demand higher price-tags, with a global study by Accenture showing that more than half of consumers would pay a premium for such items.
Even in a difficult economy, people’s desire for green products is thriving. A recent poll by global health company Essity showed people are willing to spend around 12% extra on eco-friendly goods, with 81% of respondents saying that environmental issues have become even more important to them during lockdown.
And it’s not just consumers willing to pay more for green products and services – B2B companies can benefit from the increased focus on procurement policies which prioritise environmentally friendly supply chains.
-----------------------------------------------
However, we rarely see the benefits of this at the farming level. A farm can be as green as it wants and there is no reflection in the price it is paid for basic commodities. Will ELMs see this change when we can be measured on the "green" ideas implemented by the DEFRA team?
