Consumer perspectives on premium price of ecologically friendly product: A case study of ophthalmic lens in Thailand

Abstract

Due to the increase of public environmental awareness especially in terms of climate change and resource depletion problems, consumers tend to change their consumption preference towards sustainable development and circular economy concepts. Green and environmentally friendly products are becoming more demanded in various business sectors. Therefore, manufacturers are driven to change their products to be more eco-friendly. Theoretically, being green should save some costs; however, this business transformation requires some investment and may cause product's price to increase. Thus, it is important to understand whether or not the consumers are willing to pay more for being "green" along with other factors that influence their green purchasing decisions. The study found that approximately 90% of the respondents are willing to pay more for green ophthalmic lens products compared to typical ophthalmic lens products. There is relationship between green awareness and willingness to pay more for green products. The results of the study can be used to enact government sustainability policies and business strategies.