Ethical spending on the rise
Going green is becoming more and more popular. Consumers are increasingly laying out big bucks for more environmentally friendly goods. Despite the recession, green spending in the United Kingdom has risen 18 percent over the last two years, according to the Co-operative Bank's annual Ethical Consumerism Report.
The report, published since 1999, revealed that in the U.K., the socially conscious market went from £36.5 billion in 2007 to £43.2 billion in 2009. From fair trade items to green travel, consumes are gravitating to more sustainable options. Some sectors have raked in the dollars more than others: Organic food has declined by 14 percent whereas fair trade has done well, increasing 64 percent. Ethical personal products fared the best, hitting £1.8 billion after 29 percent growth.
“This annual report clearly shows that the growth in ethical consumerism continues to outstrip the market as a whole,” Tim Franklin, chief operating officer of Co-operative Financial Services, told GreenWise. “I have no doubt that this will come as a surprise to those commentators who thought ethical considerations would be the first casualty of an economic downturn.”