What on earth is a millennial and how do they see environmental issues?
First things first, the term ‘millennial’.
- Typically between the age of 18-34.
- They became a ‘young adult’ in the early 21st century (so, anyone born after 1980).
- They define a market group that have share opinions/outlooks (this even goes so far as to say they share similar behaviour traits).
- They are ‘digital natives’ – people that have never not had a mobile phone, computer etc.
What does this have to do with the environment?
There is significant evidence to suggest that millennials share certain views on the environment. A study carried out by Nielsen and Deloitte demonstrate some interesting statistics that show how sustainable businesses have a strong influence over millennial buyers.
Overall the study demonstrates that millennials are willing to pay more for sustainable brands. If nothing else, this emphasises the importance of showing that your goods/services are backed up by environmentally friendly business practices.
- Many of the millennials interviewed mention a ‘new baseline’ or a ‘new established standard’ Millennial consumers know they can easily buy sustainable goods and so come to expect it, or take is as a given.
- Respondents between the ages of 15-20 were willing to pay more for products that come from businesses which were committed to positive social and environmental actions.
- For those willing to spend more, the findings show that personal values are more important than personal benefits, such as cost or convenience.
Grace Farraj, a spokesperson from Nielsen, said that “when it comes down to financial commitment, a sustainable sentiment shifts to one of increased social awareness and responsibility”. She continues to state that “Marketers need to connect messaging with the causes that matter most to consumers and that also align with their brand.”