Helping green products grow - The McKinsey Quarterly - Helpin...
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Helping 'green' products grow
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survey of 7,751 people in Brazil, Canada, China, France, Germany, India, the United Kingdom, and the United States. Indeed, the poll shows that 87 percent of consumers worry about the environmental and social impact of the products they buy.
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In 2005, sales of CFLs accounted for less than 5 percent of the total lightbulb market. Only two years later—in 2007, the year the public woke up to the looming threat of climate change—they captured an estimated 20 percent of it
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For example, 14 percent of US consumers say they would pay a premium for green products in the retail sector, compared with 26 percent in Brazil. Seven percent of French consumers are willing to pay a premium for green products in the petroleum sector, compared with 26 percent in India.
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Because consumers are largely unaware of green products, a business that sells them must see itself first as an educator, not a sales machine.
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The top three ways for them to reduce their own emissions are to drive more fuel-efficient cars, improve the insulation of their homes, and eat less beef (exhibit)
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Eventually, GE succeeded with CFLs, which have overcome their teething problems and now pay for themselves in five months (Wal-Mart committed itself to selling 100 million of them in 2007, thus helping to surmount another barrier—availability).
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