Although concerns related to the environment are increasing, green market is still slowly growing. An important challenge facing marketers is to identify which consumers are willingness to pay more for green products and why. The purposes of this study are an estimation of willingness to pay(WTP) for green cosmetics and an establishment of strategies for green market by analyzing the characteristics of WTP.The results are as follows: First, general estimation of willingness to pay for green products is 17% higher than complementary goods. Second, reference prices have more affect on green premium than the purpose of uses. Third, green consumers are willing to pay 4% more than non-green consumers.
Although concerns related to the environment are increasing, green market is still slowly growing. An important challenge facing marketers is to identify which consumers are willingness to pay more for green products and why. The purposes of this study are an estimation of willingness to pay(WTP) for green cosmetics and an establishment of strategies for green market by analyzing the characteristics of WTP.The results are as follows: First, general estimation of willingness to pay for green products is 17% higher than complementary goods. Second, reference prices have more affect on green premium than the purpose of uses. Third, green consumers are willing to pay 4% more than non-green consumers.
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