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GEN Z AND SUSTAINABILITY: THE DISRUPTION HAS ONLY JUST BEGUN
Greg Petro
Contributor
Opinions expressed by Forbes Contributors are their own.
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Since Sustainability is a topic on all retailers’ minds, I thought it would be
helpful to put the whole subject into perspective with some eye-opening data
from a recent report First Insight produced in partnership with the Baker
Retailing Center at the Wharton School of the University of Pennsylvania. First
Insight published a similarly themed report in early 2020, and the changes in
consumer thinking that have transpired in just a few years are nothing short of
remarkable. The brands and retailers who begin to integrate these generational
preferences now will be the ones best prepared for the future.
Since 2019, as more Gen Zers have matured into young adults, their collective
voice has become a greater force within the world at large. This demographic
cohort comprises young people born after 1997, meaning that the oldest members
of this generation turn 25 this year. Also known as the “Tik Tok” generation,
they are profoundly committed to making choices that align with their
values. Often these choices put the health of the planet first, and include
cutting down on consumption, reducing one’s carbon footprint, supporting small
batch producers and local businesses, participating in the circular economy, and
purchasing previously owned—not new—items. No generation before them has shown
the same widespread commitment to any societal issue since the Boomers were
protesting the Vietnam war in the late 1960s/early 1970s. Retailers and brands
need to pay close attention, because by 2031, Bank of America predicts that Gen
Z’s income will surpass that of their next older generation, Millennials, and
they will become “the most disruptive generation ever.”
This disruption is already well underway. We have found that Gen Z consumers
have enormous powers of persuasion over older generations when it comes to
decisions around sustainability. Fully three-quarters of Gen Z consumers state
that sustainability is more important to them than brand name when making
purchase decisions. As a result of Gen Z’s influence over their Gen X parents on
this issue, Gen X consumers’ preference to shop sustainable brands increased by
24 percent and their willingness to pay more for sustainable products increased
by 42 percent since 2019. In fact, consumers across all generations—from Baby
Boomers to Gen Z—are now willing to spend more for sustainable products. Just
two years ago, only 58 percent of consumers across all generations were willing
to spend more for sustainable options. Today, nearly 90 percent of Gen X
consumers said that they would be willing to spend 10 percent extra or more for
sustainable products, compared to just over 34 percent two years ago. Listening
to the voice of the customer opens many doors for retailers that they had,
perhaps, not considered before. Offering products that are sustainable, even if
they cost more, should be the goal of every retailer and brand today if they
hope to remain competitive tomorrow. Ultimately, sustainable products shouldn’t
cost more to produce and distribute – but, that is a journey.
When the previous study was fielded, the older generations were not as
sustainability conscious as they are today. The global pandemic has caused many
to rethink their consumption and its impact on the health of the planet, yet Gen
Z have been consistent in remaining true to their sustainability values while
also educating and influencing the generations that came before them.
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The report also revealed that the majority of respondents across all generations
have a high degree of expectation that retailers and brands will act in a
sustainable way. It’s interesting to note that there is, across generations,
disparity around what “sustainability” actually means. The older
generations—Millennials (46%), X (48%), and Boomers (44%)—agree that
sustainability means “products made from recycled, sustainable and
naturally-harvested fibers and materials.” Meanwhile, nearly half of the Gen
Zers have taken that belief a step further and believe that sustainability means
“sustainable manufacturing”. Still other groups have alternative definitions. I
will address this need for clarity on definitions in an upcoming piece.
For now, one thing almost everyone could agree on is that packaging should be
sustainable. Across generations, 73 percent combined feel that sustainable
packaging is very or somewhat important today, compared to only 58 percent in
2019. Moreover, 71 percent of everyone surveyed believe that online shipments
contain an excess of packaging and more than three-quarters prefer eco-friendly
packaging. This does not even include the concept of returns…more to think about
here.
In the coming weeks, I’ll unveil more of the data revealed in these reports,
which delve into preferred shopping formats and how they are affecting the wider
retail landscape.
Check out my website.
Greg Petro
Early on, Greg Petro realized there was a better way for companies to make
decisions with high degrees of variability or uncertainty. He devoted himself to
revolutionizing
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