More than half of millennial consumers are willing to pay extra for products from a company committed to making a positive social and environmental impact.
In a world where environmental, social and cultural activists are the tastemakers of the day, a new system of purchasing decisions rules; where consumption is not just a vote in favour of the item, but in the values of the brand that produces it.
An online study conducted globally by consumer insights agency, Nielsen, reveals 66% of customers aged between 18 and 32 will spend more on a product from a company with ethical values.
Among the 66% of global respondents willing to pay more, over 50% of them are influenced by key sustainability factors, such as a product being made from fresh, natural and/or organic ingredients (69%), a company being environmentally friendly (58%), and company being known for its commitment to social value (56%). Sales, and coupons didn’t even make the top five. For this group, personal values are more important than personal benefits, such as cost or convenience.
A separate study by Inkling Communications showed that 32% of UK millennials want their generation to be remembered for being environmentally responsible.