Green living suffers
Consumers’ appetite for green products has halved since March 2008, according to research from Abbey.
A survey from the bank has revealed 44% of people are no longer willing to pay a supplement for green products. In March of this year, the average consumer was willing to pay £5 extra per £50 of groceries. However, this has dropped to £2.45 in recent months as Britons feel the pinch of rising food and fuel prices.
Of those surveyed, 23% said the current economic uncertainty made them less likely to consider the environment when doing their weekly shop and 30% said they were buying fewer goods they consider to be environmentally friendly. Paying a supplement for green products is now unacceptable for 44% of Brits, with 31% only will to spend an extra £5 or less. In March of this year, 76% said they would be happy to spend up to £5 extra.
Matthew Timms, managing director of Cahoot, Abbey’s online banking arm, said: “We’re more environmentally aware than ever before but with the cost of living skyrocketing, it’s becoming more and more difficult to tempt us into parting with cash for greener foods – which are often significantly more expensive.
“There are simple steps that people can take to go green without spending a fortune, such as recycling or switching to paperless bank statements. These small changes will cost you nothing and help to protect the environment without denting your bank balance.”