During uncertain times, businesses are tempted to shift their attention to budget cuts and other cost-saving steps with sustainability programs likely being among the casualties. Here is reason number 3 why that’s not such a good idea…
Today manufacturers who practice sustainability are being recognized and rewarded in greater numbers by savvy, socially conscious buyers. Unlike much of the older generation, millennials were raised with a high level of understanding and of appreciation sustainability. As a result millennials are proving to be fiercely loyal to companies they perceive as being socially and ecologically responsible. The buying patterns of this demographic continue to show that today’s young consumers will pay a more for a product they recognize as being “green.”
According to Nielsen: The rise in the percentage of respondents aged 15 – 20, also known as Generation Z, who are willing to pay more for products and services that come from companies who are committed to positive social and environmental impact was also strong—up from 55% in 2014 to 72% in 2015.
And they aren’t the only ones. More and more Baby Boomers are recognizing the sustainability imperative. Nielsen reports that 51% of Boomers (ages 50 – 64) surveyed indicated a willingness to pay extra for products they deem to be sustainable. Manufacturers catering to these two demographics must take note of just how much sustainability influences their decisions.