The Millennial generation (people born between 1981 and 1996), the largest part of the population nowadays, is very concerned about sustainability, ethical business practices, and climate change.
These beliefs and values are going to guide their purchase actions: according to the 5WPR 2020 Consumer Culture Report, 83% of millennials want brands to align with them on beliefs and values. So it is logical Millennials are going to spend their money on sustainable and responsible brands, brands that share the same values.
Millennials want brands with a purpose. It is not just an option anymore; they are expecting it a “give back to society”. They want to buy from conscious brands. Therefore, any brand that wants to interact with millennials need to look for sustainable materials and practices to encourage long-term brand loyalty, apart from the moral responsibility of taking care of the planet and our finite resources.
The path to engage and create brand loyalty is the route of sustainability and ethical practices. The brands that do not follow this will be under scrutiny and could be boycotted if customers found a not-so-ethical posture.
The good news is that there are already brands working on being more sustainable in every aspect of the firm, making the other brands working on that too to not be out of the game in some years.
Sources:
Elitedaily
English
Spanish
Dutch
Swedish
German
French
Turkish