Eco – Savvy: How Green Marketing is Revolutionizing Consumer Habits

“Earth provides enough to satisfy every man’s needs, but not every man’s greed!”

Sustainability and business are interwoven, and conscious consumerism and green marketing are increasingly important. Green marketing has evolved into a movement changing how we shop and perceive the world. It is no longer just a catchphrase. You are seeing green marketing in action if you have seen an increase in the number of environmentally friendly products on the shelf. Due to the necessity to address social and environmental issues, corporations have undergone a considerable transition throughout the years. Using recyclable packaging is only one aspect of green marketing; another is integrating environmental ideals into your business strategy. 

“Growing concern about the detrimental effects of consumption patterns, the effects of the economy, and population increase on the environment gave rise to the green movement between the 1960s and the early 1970s (Cohen, 2001)”. Peattie (1995) described green marketing as "the holistic management process responsible for identifying, anticipating, and satisfying the requirements of customers and society profitably and sustainably."

 According to Ben Berry (2009), customers become more aware of various factors, including the location and method of product manufacturing, the quantity of energy and materials used in the process, and the energy efficiency of retail locations where the goods are sold. This increasingly entails considering the effects of the items' whole life cycle on the environment. Businesses embracing sustainability are motivated by more than just consumer and governmental pressure. They also understand sustainability's cost and financial potential when creating new goods and services.

According to Kar (2010), there has been a significant shift in consumer behavior over the past 25 years, but this transition has been gradual, and the signs of it have been there for generations. As consumers become more conscious of the need to preserve the environment, they think about shunning highly polluting goods and services. Businesses frequently prioritized increasing profits over environmental concerns (Charter & Polonsky, 1999). Excellent technical products are often rejected by them because they are aware of the adverse environmental effects of their production or disposal or because they want to express their disapproval of specific actions taken by their suppliers, manufacturers, or investors (Drucker, 1973; Bernstein, 1992; Peattie, 1995).

Those with environmental, social, and governance (ESG) claims have had an average 28% cumulative growth over the last five years. In contrast, those without such claims have only grown by 20%, according to a 2021 McKinsey & Company analysis. Younger consumers, more inclined to consider sustainability while making purchases, are especially drawn to this trend. Customers who share a brand's environmental principles are more inclined to stick with it. Green trust, pleasure, and perceived value favorably impact green loyalty, according to research published in the Journal of Business Research. “Businesses may promote more sustainable lifestyles by informing customers about how their decisions affect the environment.”

“Brands such as IKEA, for example, not only offer environmentally friendly items but also organize awareness campaigns on topics like resource conservation and climate change.” Such educational initiatives may result in long-lasting behavioral changes in consumers, such as more recycling and lower energy use, according to research published in the Harvard Business Review. From providing solar panels to ethically sourcing products, IKEA has made significant progress toward sustainability. Customers are encouraged to live more sustainably using their "People & Planet Positive" approach. Eliminating additional emissions of greenhouse gases than the IKEA value chain emits is how the firm hopes to become climate-positive by 2030, according to a 2020 report from the company.

As we commemorate Environmental Day, it is evident that green marketing is a force that's changing consumer behavior rather than just a fad. The data is vital: research continuously demonstrates that customers are prepared to pay extra for environmentally friendly goods, and a sizable portion of them actively seek out companies that share their beliefs. Businesses are influencing significant lifestyle changes, deep consumer loyalty, and taking market share. 

Customers are growing more eco-aware in this day of increased environmental consciousness, making decisions that show their dedication to the environment. This change has been made possible mainly by green marketing, demonstrating that when companies support sustainability, they do more than sell goods; they ignite a movement. Thus, consider the effects of your decisions when you choose your next buy. Every environmentally conscious choice is part of a more significant movement towards a more sustainable and greener future for all.

Mini. V. K, Head, Dept. of Commerce, Al Shifa College of Arts and Science, Kizhattoor, Perinthalmanna