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12 Mar 2021

Industry

Consumers Are Willing to Pay More for Eco-Friendly Products and Services if Prices Do Not Exceed 20% of Regular Prices (Current Issue No.3194)

​KResearch is of the view that although Thais have increasingly attached importance to environmental problems, their decision to purchase eco-friendly products and services may depend on many factors. These include whether such products and services help address environmental issues, or not, and their prices must be reasonable. Our survey shows that Thai consumers are willing to buy environmentally-friendly products and services if their prices do not exceed 20 percent of regular prices. Related entrepreneurs must therefore ensure that their manufacturing and service costs are within that threshold (though this depends on specific products and services) while also accelerating their efforts in building consumer confidence in their brands such as displaying eco-friendly labels.  

Meanwhile, producers of fast-moving consumer goods (FMCGs) should adopt environmentally-friendly business strategies in order to meet the prevailing needs of consumers. Our survey shows that more than 82 percent of the respondents are interested in purchasing eco-friendly FMCGs such as refillable products and those with degradable packaging.

In spite of this, addressing environmental problems requires time, continuity and a concerted effort from the public and private sectors, as well as people. Meanwhile, although manufacturers of eco-friendly products may incur high operational costs at the beginning, such expenses will finally be paid off as consumers will have greater confidence in their products and brands while their products are also sustainable. Moreover, rather than transferring the cost burden to consumers, manufacturers (with support from the government) can help reduce environmental problems by adopting eco-friendly manufacturing processes or packaging. As markets for environmentally-friendly products and services are set to thrive in line with global trends, it is expected that their businesses will grow and costs will decline eventually.

 


Industry