In their recent global online study Nielsen found that almost three-out-of-four Millennials, up from approximately half in 2014, are most willing to pay extra for sustainable offerings. Coming in strong behind the Millennials is Generation Z (15 -20) up from 55% in 2014 to 72% in 2015, but don’t dismiss the baby boomers (50-64) quite yet – these are up to 50% - a 6% increase on last year.
While much of the report focuses on consumer goods and affordable purchases like organic foods, these insights should suggest to larger goods manufactures and B2B businesses that for Millennials, who are adopting more environmentally friendly behaviours generally, sustainability is a purchasing driver. In fact overall 66% of global respondents said they’re willing to pay more for products and services that come from companies that are committed to positive social and environmental impact, up from 55% in 2014, and 50% in 2013.
For those working in the sustainability environment, this insight offers some direction for emerging marketing and business development opportunities. For those outside of this sector, the impact of their work, be it in the transportation of goods, manufacture or engineering etc. on people and the environment needs to be considered as key to the future of their brand and audience engagement activity.
Next months newsletter includes a feature on how demographics relating to sustainability can impact your audience engagement [sign up].
See the full Nielsen article.