Consumer reports show younger generations favor sustainable business practices
What do TikTok and sustainability have in common? The attention of younger generations.
Which begs the question: is it “in” for businesses to be sustainable?
Those under the age of 30 are looking for brands to lead the way when it comes to challenges such as climate change, according to this report conducted by GlobeScan and in partnership with BBMG.
With all of the pandemic and supply chain disruptions, inflation, and staffing shortages facing industries right now, sustainability might be the last thing on business leaders’ minds.
However, younger consumers like Generation Zs and millennials are not only thinking about sustainability, but choosing products and services based on this parameter.
This survey conducted by YPulse last year found that 70% of 13-39 year olds changed their purchase behavior based on the belief of climate change.
Gen Zs and millennials, whose purchasing power is increasing, are also willing to pay a premium for what they deem to be a sustainably sourced product or eco-friendly service. A study conducted by Simon Kucher & Partners showed that these generations will even pay up to double for an environmentally friendly alternative.
“What's increasingly evident in recent years is that consumers are becoming more empowered and driven by values,” said Jono Anzalone, Executive Director of The Climate Initiative, a nonpartisan climate change nonprofit that aims to educate, empower, and activate youth for climate action. “It’s proof enough that consumer values around sustainability and being environmentally conscious can dictate the market to some extent, and that Millennials and Gen Zs can genuinely ‘vote with their dollars.’”
Sustainability efforts pose an opportunity for companies to attract younger consumers to their products and services. Their appetite for sustainability will inevitably drive market forces this way. Younger generations have spoken, and sustainability is in.