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Saturday, December 01, 2012

Gen Y prefer being conscientious consumers: Report

If you want to know what makes the millennials (Gen Y generation) tick in the current economic scenario, and at a time when everything from earthquakes and terrorist acts are a part of life? Then take a look at the findings of this Euro RSCG report 'Millennials: The Challenger Generation'.

This report states that this generation is not as frivolous as they are made out to be. Surprisingly, survey respondents from the US, UK, France, India and China all wanted to win their parents' approval, looked up to them for advice (over media, peer and web sources) and felt that sustainable corporate practices was the way forward.

Even when it comes to seeking jobs, this generation is looking to work for socially-minded brands that puts the environment ahead of profits. The report states that "Research by Experience, Inc. in the U.S. found that 81 percent of college students and recent graduates said it’s important to them to work for a company that is green-friendly, green-conscious, or green-certified. And 79 percent said that, faced with two similar offers, they would be more likely to accept a position with the organization that is greener. It may not be entirely altruistic: 67 percent of our millennial sample believe the most successful businesses in the future will be those that practice sustainability, a notion with which only 7 percent disagreed."

What's more they want to buy brands that reflect well on them, and which are innovative and cool, which asks for their opinions and considers their viewpoints, cares for the environment and gives them freebies as preferred consumers. The brands should also be showing concern for people involved in the manufacturing process as well, or else they will lose brownie points with this generation.

So in light of the above, the report divulged that "nearly two-thirds of millennials believe reducing consumption is an important pathway to global change. And nearly half believe the things they consume have more power to change things than the people they vote for.  In other words, product choices trump politics. And so do corporations: 40 percent believe corporations have a greater capacity than governments to create change, while only 27 percent disagree. These figures show a real disaffection between youth and politics; there is little sense of faith in politicians and governmental leaders to solve the world’s problems."

So now brands know the score about how to woo their potential future consumers - make it about spending with a soul and a purpose.

Graphics are from the report. See the entire report here:

1 comment:

Anonymous said...

An outstanding share! I have just forwarded this onto a colleague who
has been doing a little research on this. And he in fact bought me breakfast because I stumbled upon it for him.

.. lol. So let me reword this.... Thank YOU for the meal!
! But yeah, thanx for spending the time to talk
about this subject here on your website.
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