Infographic: Purchases with a purpose
More millennials are sticking it to the brand and favoring companies with strong environmental and ethical practices. According to The Cassandra Good Guide by The Intelligence Group, 45% of men and women between 14-to-34 years old claim that brands will need to incorporate socially and environmentally conscious practices to flourish in the future.
While affordability and quality still reign supreme as the demographic's top brand characteristics (81% and 79% respectively), 71% rank environmentally friendly, green practices, and ethical practices as “very important” or “somewhat important.” In fact, 54% of surveyed respondents say they feel annoyed when an item comes with excessive packaging. When it comes to purchasing an item, 50% claim that having an environmentally friendly product is important to them, followed by 44% who list recycled and sustainable as significant factors.
Some young buyers are willing to abandon their brand loyalty when corporations aren't socially responsible; 30% of respondents admit they've stopped supporting a brand due to corporate behaviors or ethics within the last year. Likewise, 27% of respondents have purchased a product or supported a brand primarily due to its practices or ethics within the past year. Young consumers also want to hear about brands' charitable deeds or ethical practices, and 64% say the Internet is the way to notify them.
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