The market for environmentally-friendly products has never been better and the demand has never been stronger. According to Mintel International,“the green marketplace is one of the fastest growing, most dynamic sectors of the US economy.”
The number of Americans who say they “almost always” or “regularly” buy green tripled from 12% in 2007 to 36% in 2008.
When the recession began in 2008, many predicted that green spending would slow, however, according to recent Mintel consumer data and contrary to the expectations of many, consumer interest in green was not diminished by the recession.
Last March, at the height of the recession, four out of five people said they were still buying green products and services, according to a study commissioned by Green Seal and EnviroMedia Social Marketing. A 2009 Cone Consumer Environmental Survey indicated that 44 percent of Americans have not changed their environmental buying habits as a result of the economy.
In the next ten years sustainable consumer spending could exceed $1 trillion dollars per year. Greentech industries are poised to grow exponentially (Chinese greentech alone is expected to be between $500 billion and $1 trillion annually in the next couple of years).
According to the results of the 2009 Cone Consumer Environmental Survey, roughly 34 percent of American consumers indicated they are more likely to buy environmentally responsible products.
Despite a global recession, the sustainable business movement did not retreat and in the coming years it is destined to grow as it tries to keep pace with the explosive demand for greener products and services.
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