Although sustainable marketing has been on the rise since the 1980s, there has been a significant increase in recent years. As consumers become increasingly aware of the environmental impact of their purchase decisions, buyers are becoming more selective when it comes to goods and services. The most concerned of these consumers are Millennials.
What exactly is sustainable living?
Practicing sustainable living is a way to reduce your carbon footprint by altering living habits and seeking products that are organic, recycled, and emissions reducing. Examples include: a vegan diet or reducing meat intake, altering transportation methods, reducing energy consumption, and purchasing cruelty-free and environmentally friendly products.
Despite common rumors, Millennials are far from lazy or irresponsible, particularly when it comes to money management. Millennials on average are less likely to take financial risks than previous generations. However, key patterns are beginning to emerge as Millennials continue to spend money.
A 2015 study by The Nielsen Company suggests, despite high unemployment rates and low wages, Millennials are willing to spend more for products that are environmentally friendly. Generation Z is in on this change as well. Just over the span of one year, Millennials and Generation Z survey recipients willing to pay more for products and services from companies committed to positive environmental and social change increased from 55% in 2014 to 72% in 2015.
Sustainable preferences don't stop with shopping habits. According to a recent study by The Society for Human Resource Management, "94 percent of millennials want to use their skills to benefit a cause and 57 percent wish that there were more company-wide service days.” Social impacts are both a want and a need for Millennials in potential employers.
Millennials grew up in a time of awareness towards repairing the planet. They're using these environmental anxieties to make the world a healthier and happier place; One company at a time.