The impact of attitude towards green products on willingness to pay premium: with special reference to millenialls in Sri Lanka

Abstract

With its holistic redefinition of the conventional business pathways, the concerns on the green products has emerged in today’s contemporary business world in which, each and every firm is finding their ways and means to maximize their strategic objectives while minimizing the impact that they made towards the environment. Beyond the cut throat competition of gaining the mind share and the market share for their brands, it can be seen that today’s marketer plays a vital role in creating a distinctive identity through the green concerns. Even though this is an emerging area in the real business world, it has become an overlooked area in the domain of research.

Green products are often associated with inconvenience, high costs, and lower performance (Chen and Chai 2010; Mainieri et al. 1997; Newman, Gorlin, and Dhar 2014; Ottman, Stafford, and Hartman 2006). Also it can be observed in the Sri Lankan consumer market that, the level of price towards the green products is comparatively high compared to the artificial products. Even though the price level is high, how far the attitude towards green products made them to pay premium on purchasing such products has become a question for the researchers. Thus, the purpose of the study is to study the impact made by the attitude towards the green products on the willingness to pay premium among the Millennials in Sri Lanka.