By Brad Dorfman
NEW YORK (Reuters) - U.S. consumers are slowly becoming "greener," though the motivation may be more about saving money and less about concern for the environment, executives and analysts said this week.
Consumers are willing to pay a premium for items like energy-efficient washing machines and might also spend more for toys made with corn-based biodegradable plastic, corporate executives said at the Reuters Consumer and Retail Summit in New York this week.
"A few customers in a few places are talking about it," said Simon Hay, chief executive of dunnhumbyUSA, a joint venture between London-based consulting firm dunnhumby and U.S. grocer Kroger Co. (KR.N: Quote, Profile, Research, Stock Buzz)
Appliance manufacturers are seeing strong demand for energy efficient, front-loading washing machines, which also use less water.
U.S. industry leader Whirlpool Corp. (WHR.N: Quote, Profile, Research, Stock Buzz) is using energy efficiency to help promote its Duet washers and dryers. A set costs about $2,000, which may put it out of the price range of many consumers.
But by focusing on energy efficiency and the attendant cost savings that go with it, Whirlpool and its retailers have attracted lower income buyers. The average household income for a Duet buyer is only $40,000, David Swift, president of Whirlpool North America, said.
"Overall, the general tenor around the U.S. is about energy conservation, there is no doubt," he said.
Soon Kwon, president of U.S. digital appliances for LG Electronics Inc. (066570.KS: Quote, Profile, Research, Stock Buzz), said about 30 percent of washers sold in the United States are now front loaders, compared with only 5 percent five years ago. Continued...
© Thomson Reuters 2008. All rights reserved.
| Global Environment | Oct 06 - 8, 2008 | Energy |
| Autos II | Sep 30 - Oct 01, 2008 | Hotels/Casinos |
| Restructuring | Sep 22 - 26, 2008 | Financial Services/Exchanges |
| Autos | Sep 15 - 17, 2008 | Autos |
| Russia Investment | Sep 08 - 9, 2008 | Country Summits |
