Energy Consumer Research
To obtain insights on the consumers' utility prospects and drivers/motivators of their decision to purchase energy-efficient products.
- According to the World Economic Forum, consumers prefer the energy-efficient products with the belief that as they are associated with reduced operating costs for the lifetime of the products.
- According to a study by Deloitte, a significant majority of US homeowners care about the environment and believe that buying energy-efficient products equate to protecting the environment.
- The study also revealed that 70 percent of residential consumers say they are very concerned about the earth running out of essential resources. As such, they are willing to take vital steps (including buying energy-efficient products) for environmental conservation purposes.
- In one study, researchers found that a household's bottom line for purchasing a high-efficiency machine versus a standard was because of the associated cost savings.
- Another research confirmed that perceived ease of use and perceived usefulness are also significant contributors to consumers' choice of energy-efficient products.
- Some consumers will be interested in energy-efficient appliances, as they are useful in trimming electric bills and enhancing the quality of life.
- When consumers think energy-efficient appliances are convenient to use, they will have a positive attitude toward them, and subsequently purchase them.
- Mandatory energy-efficiency requirements by the government also influence consumers' decision to purchase energy-efficient home appliances.
- During the initial research, we found some drivers of consumers' purchase of energy-efficient products. We, therefore, suggest more hours of research to expound on the highlighted points and provide a more in-depth analysis.
Proposed next steps:
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We propose a further analysis of 4-5 detailed insights on what motivates people (consumers) to buy energy-efficient products (such as LED light bulbs, smart thermostats, high efficacy geothermal heat pumps, air-source heat pumps, central air conditioners, etc.). For the insights, qualitative and/or quantitative data will be provided. Of particular interest will be whether consumers buy energy-efficient products to save money on their utility bills or because of environmental consciousness, and also determine if consumers would still buy them even without any associated financial incentives involved.
To further illustrate consumers' behavioral patterns in purchasing energy-efficient products, we recommend an analysis of 3-4 consumer trends around energy-efficient products. For each of the identified trends, we will provide what the trend is, what is driving the trend, and the influence it has on consumers buying behavior. Trends here will be defined as those that are backed by experts, widely discussed by reputable media outlets, and are occurring now and in the past two years.