SUSTAINABILITY A KEY FACTOR IN GEN Z AND MILLENNIAL SHOPPING HABITS
Nearly 60% of Gen Z and Millennial shoppers have stopped buying brands that do not effectively communicate their environmental credentials or do not have them at all.
According to the most recent Global Voices Survey conducted by ESW, nearly 60% of Gen Z and Millennial shoppers have stopped buying brands that do not effectively communicate their environmental credentials or do not have them at all.
These young consumers are increasingly aware of a brand's efforts towards sustainability, and sustainability practices are now being taken into account when making purchase decisions.
Additionally, two-thirds of Millennial consumers have spent more on sustainable products or those with sustainable packaging.
However, beauty brands must be careful not to engage in greenwashing, as these savvy consumers require specific information and details before they believe claims. Transparency is crucial for brands seeking to appeal to younger consumers.
ESW's survey highlights that younger markets offer prime e-commerce expansion opportunities for brands, with countries such as India, China, and the UAE demonstrating the greatest concern for sustainability.
In contrast, mature markets like Canada, Japan, the US, the UK, and Australia showed lower levels of concern for sustainability.
The survey also found that awareness of greenwashing has increased, with 62% of consumers more aware of this practice than a year ago.
46% of health and beauty consumers consider environmentally friendly packaging options when making purchases.
75% of luxury shoppers expect transparency and information on the environmental credentials of the brand or retailer.
ESW's findings suggest that 2023 is expected to be a pivotal year for sustainability, with brands and retailers making it a strategic imperative.
Consumers are increasingly adopting more sustainable behaviors, including considering a product's impact and choosing brands that align with their values.
Consumers now expect businesses to do the same, and the shift towards eco-conscious consumerism should serve as a wake-up call for brands to be more transparent with their manufacturing, packaging, and shipping practices.
In conclusion, the ESW survey highlights the importance of sustainability for younger consumers and the need for brands to prioritise transparency and communicate their environmental credentials effectively to appeal to this demographic.
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