Millennials have grown up into a puzzling, ever-changing era marked by technological evolution, massive changes in media, and a highly uncertain economic scene. That is what makes them so ready to transition, and capable of embracing major revolutions in lifestyle and consumption patterns. Today they represent a substantial market share – and they are going green. In this article we will expand on the relationship between Millennials and eco-friendliness, explaining why every company should quickly find its way to sustainability.
Right now, Millennials represent the largest demographic in the workforce. As their spending power increases, trends in consumer behaviour will evolve accordingly.
A report by Shelton Grp, Millennial Pulse showed that when Millennials place their trust in a brand, 90% of them assert to be willing to buy from that brand, and 95% add that they would likely recommend the products to their friends and family.
Now, Millennials are expected to spend around $600 billion every year, and experts have predicted that by 2020 that figure will grow to $1.4 trillion, representing 30% of total retail sales. These figures should be enough to realise the importance of endearing a brand to this share of the market. If you want to know more about the differences between Millennials‘ consumption patterns and the ones of other generations, you could read more in this Forbes’ article.
More than half of Americans are likely to assess the eco-friendliness of a product on the basis of the environmental reputation of its production company. In short, customers are not willing to blindly believe that a product is eco-friendly if they are not already convinced that the company behind the product is green. Consumers, particularly Millennials, are increasingly looking for brands whose products are the result of well grounded environmental sustainability strategies. With this in mind, being successful in communicating green company policies has become a key issue.
In this context, Quid platform has analyzed around 2,500 articles (issued since 2017) focusing on specific brands featuring keywords such as “sustainability,” “environment,” “reusable plastics,” and “climate change”. In order to pinpoint the most successful contemporary companies from the brand communication perspective, Quid has discovered many interesting things. You can read the full report here.
Taking account of the growing role of Millennials as crucial decision-makers into tomorrow’s market, companies should cultivate them as customers by securing their confidence starting right now. Understanding who Millennials shoppers really are and getting insight into what they really want is becoming more and more important – and sustainability is no trifling matter anymore.