Consumer Segmentation of Green Financial Products Based on Sociodemographic Characteristics

Sándor Gáspár, László Pataki, Ákos Barta, Gergő Thalmeiner () and Zoltán Zéman
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Sándor Gáspár: Institute of Rural Development and Sustainable Economy, Hungarian University of Agriculture and Life Sciences, Páter Károly Str. 1, H-2100 Gödöllő, Hungary
László Pataki: Doctoral School of Management and Business Administration, John von Neumann University, Izsáki Str. 10, H-6000 Kecskemét, Hungary
Ákos Barta: Institute of Rural Development and Sustainable Economy, Hungarian University of Agriculture and Life Sciences, Páter Károly Str. 1, H-2100 Gödöllő, Hungary
Gergő Thalmeiner: Institute of Rural Development and Sustainable Economy, Hungarian University of Agriculture and Life Sciences, Páter Károly Str. 1, H-2100 Gödöllő, Hungary
Zoltán Zéman: Doctoral School of Management and Business Administration, John von Neumann University, Izsáki Str. 10, H-6000 Kecskemét, Hungary

JRFM, 2023, vol. 16, issue 2, 1-19

Abstract: Many green financial products currently have a low financial return level; even so, these products are spreading dynamically. In our study, we explored Hungarian green financial investment preferences and separated consumers of green financial products into homogeneous groups, which were characterized on the basis of sociodemographic characteristics. In the case of investments with a similar risk, using the sample we examined we proved that there is a homogenous group (C2) in Hungary which prefers green aspects to higher financial returns in the course of its investment decisions. We separated a group (C3) which can be considered influenceable, and we concluded that, with the application of appropriate marketing activities, this group could be a potential target consumers for national banks and traders of green financial products in the future. Young females are the main target consumers for green financial products in Hungary, and they are the largest majority of the C2 group, for whom financial rationality takes a backseat to green aspects. Based on the results of our study, national banks and traders of financial products can create a more accurate and effective marketing strategy for their products on the Hungarian market.

Keywords: green finance; green investment; sustainability; financial behavior; finance attitude (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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