More so than any other generation before them, millennials are dedicated to sustaining the environment. The environment is so important to this demographic that it influences where they do and do not shop depending on the attitude brands have towards being green.
What is sustainability? According to the World Commission on Environment and Development in 1992, sustainability is the ‘development that meets the needs of the present without compromising the ability of future generations to meet their own needs’.
Millennials long for businesses to help us all move towards a more sustainable planet by practising in a sustainable, ethical way that does not harm the planet. Their investment in being green is pushing brands to step up to the mark and meet the needs of this generation in order to retain and gain customers in this age bracket.
73% of millennials surveyed worldwide are willing to pay extra for sustainable products by businesses that meet good practices of sustainable, social and environmental ways. This figure has increased from only 50% in 2014, showing the increase in priority over recent years.
Millennials are the consumer market of the future and will have a large influence on sales for decades to come, for both themselves and their children, so listening to what they have to say and how your business can open itself up to more business by making your company ethos more green can be hugely beneficial for the long term.
Brands that have become more sustainable in order to meet the needs of their audience include Gucci, who recently announced that going forward from their Spring 2018 collection they will no longer use fur from mink, fox, rabbit, racoon, dog and karakul lamb as part of their “Culture of Purpose” 10 year sustainability plan. This change occurring within such a large powerhouse brand has the potential to cause a positive ripple effect, encouraging other large and small brands to do the same.
Millennials are willing to put their money where their mouth is and invest in the future. A recent Morgan Stanley report shows that ‘89% of millennials have an interest in sustainable investments that can be customised to meet their interests and goals’. This compared to 75% of investors shows that millennials are invested in the future of themselves, their children and their grandchildren and are willing to make small sacrifices today in order to protect tomorrow.
Looking for the perfect avenue to reach eco-friendly millennials with your products? Start targeting one of the most influential age groups by contacting one of our marketing experts at British American Group on 0121 616 2211 or email us at firstname.lastname@example.org