The impact of economic interests on eco-consumption: the case of the Russian Arctic Zone of Karelia

Valentina Karginova-Gubinova, Alexander Volkov, Sergey Tishkov () and Anton Shcherbak ()
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Valentina Karginova-Gubinova: Institute of Economics of the Russian Academy of Sciences, Russian Federation
Sergey Tishkov: Institute of Economics of the Russian Academy of Sciences, Russian Federation
Anton Shcherbak: Institute of Economics of the Russian Academy of Sciences, Russian Federation

Entrepreneurship and Sustainability Issues, 2021, vol. 8, issue 4, 68-84

Abstract: The transition to the use of eco-products is one of the directions for ensuring the sustainable economic development and security of territories. This makes it relevant to study the influence of various factors on environmentally responsible consumer behavior. The goal of this article was to determine the importance of economic interests in the system of factors that determine consumer behavior in relation to eco-friendly products. The results of a survey of 1102 residents of the Arctic zone of the Republic of Karelia (Russian Federation) served as the research data. The work was structured within the framework of the reasoned action approach and Maslow's theory, using the methods of descriptive statistics and confirmatory factor analysis. It was found that economic interests are one of the factors that determine consumption behavior; however, the significance of economic interests is less than that of ecological interests. The willingness to pay an increased price for renewable electric energy shows that economic interests mostly control the environmental consumption behavior of those with a low level of education, low living standards, and short-term budget planning (regardless of gender and age). Taking into account the identified connections, we propose tools to stimulate the purchase of environmental products. The study findings are of interest to authorities in order to popularize and distribute eco-friendly products, as well as their manufacturers to choose the best strategy for promoting the products to the market.

Keywords: eco-friendly products; purchase of eco-friendly products; ecological consumer behaviour; renewable energy; willingness to pay; the importance of the price of a product; behavioral beliefs; economic characteristics of an individual; sustainable development; environmental and economic safety (search for similar items in EconPapers)
JEL-codes: O13 O44 P18 Q21 Q41 Q56 R11 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:8:y:2021:i:4:p:68-84

DOI: 10.9770/jesi.2021.8.4(4)

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