Data gathered for Mobium's fourth annual Living LOHAS (Lifestyles of Health and Sustainability) trends report shows that consumer spending on healthier, more sustainable products and services continues to surge, from $12 billion in 2007 to $21.5 billion in 2010. The report estimates the Australian market for sustainable goods and services will reach $27 billion by the end of 2012.
And cost of living pressures brought about by higher energy costs, rising inflation and interest rate speculation hasn't discouraged environmentally conscious consumers from spending more on sustainable products and services.
According to Nick Bez, Research Director at Mobium Group, a Melbourne-based research consultancy specializing in the consumer market for sustainable products, more Australians are continuing to embrace 'eco' options.
"Our research shows growth is coming from many categories within the household 'both consumable and durable' and is being accelerated by increasing availability of product options in everyday channels,"Mr Bez said.
"This is being helped by the price premiums consumers have been accustomed to paying for 'green' alternatives reducing, meaning that in many categories, price is no longer the barrier it once was to consumers opting for sustainable products and servises."
However, Mobium's data shows that skepticism about green 'claims' made by manufacturers remains a serious constraint to further purchase for more than 60% of adult Australians.
"Consumers are questioning and looking for surety about the bone fides of the sustainability credentials of products when making decisions in store," Mr Bez said. Most don't know how to verify information they are given and claims made, for example those made on labeling in promotional material.
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Source: The Green PagesBy Carolyn Wall, GreenBizCheck