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Scandinavia is well-known for its highly innovative and progressive approach to society and development as a whole, as well its industry. Nordic countries (Denmark, Sweden, Finland, Norway and Iceland) are leaders in what is called the green industry. In fact, out of the top 5 eco innovators in the European Union, three of them are Scandinavian countries – with Denmark’s industry being by far the most eco innovative. According to 2016 Yale’s Environmental Performance Index (EPI), the first 4 ranks in the list of top environmental-friendly countries are occupied by Finland, Iceland, Sweden, and Denmark.
Scandinavians are willing to pay more for innovative products
Scandinavians simply prefer what’s transparent and clean, and this notion transfers into the consumer behavior itself, which is demonstrated in an observable tendency to invest more into innovative, energy-efficient and nature-saving products.
In other words, if you are a manufacturer that has invested a lot into innovative technologies and eco-friendly products in order to set you apart from the competition, Scandinavia represents a focus consumer market where the investment will pay off in a fast and straightforward way. Based on Euromonitor research, Nordic consumers tend to put high relevance to factors such as energy efficiency, durability, design and overall functionality in their decision-making, while the price becomes the significant determinant only if the above-mentioned factors are met. As a result, Scandinavian consumers are willing to pay extra, e.g. for appliances and consumer gadgets in the highest energy class.
Green is good but often off-scale
Even though the demand is there, the supply of eco-friendly products is sometimes limited for small local producers who are often unable to compete against the bigger players supported by multinational capital and economies of scale. For innovative manufacturers and multinational companies who are able to serve the market and speak its language, time for expansion couldn’t be better.
So, maybe it’s time to start thinking about translating your catalogs, product information and sales material into Danish, Swedish, Finish, or Norwegian and then head north to try to boost sales?