There is an increasing number of brands that support sustainability and producing products using eco-friendly materials highly targetting millennials and the next generation.
In an article posted by fashionbi, a data and insights provider in the Fashion & Luxury industry, they said that there is a rising power of millennials who are the new segment in the consumer market. Altagamma’s Consumer and Retail Insight describes them as “the new protagonists of the luxury consumer market [who] are between 18 and 34 years old: global, digitalized, optimistic, open to new things, prone to recommending and sharing products, and sensitive to sustainability.”
In addition to the report made by Altagamma and Fashion, MSL Future of Business Citizenship Report said that “both millennials and GenZ believe strongly in the importance of good citizenship. 78% of the survey takers would actually recommend a company with good citizenship; 74% of them would feel proud to be associated with it, and a staggering 71% of them said they would be loyal to such a business.”
“About 70 percent of millennials indicate a willingness to spend more with brands that support such causes or operate using business models that align and resonate with their own values” (www.rsmus.com, 2017)
Millennials make up almost one-fourth of the world’s population or 1.7 billion people, according to the Nielsen report published in 2017. The report also showed that this group is willing to pay a premium for innovative and sustainable products in the market. Marketers have started to communicate their brands to this segment because of its potential to extend their budget to buy products which for them they will benefit from. Their connectivity with other people, especially in the digital realm, allows them to be influenced and take action from what they have seen or read online.
In an article written by Luna Atamian Hahn-Petersen and was posted by the Business of Fashion last April 2018, 66% of global millennials are willing to spend more on brands that are sustainable. Nearly 90 percent believe that they will help create more sustainable products by convincing businesses and governments to change existing practices, according to the business of fashion in New York. In the same study, an equal percentage of respondents said they would be willing to boycott a fashion brand if it was not sustainable.
In a study conducted by Oeko-Tex Association, they found out that 60% of millennials are interested in certified sustainable clothing while 69% of millennials really do check claims like” eco- friendly” or “sustainable” when buying clothes and/or products.
However, In the same published report, it says that the fashion industry is not providing millennials with sufficient sustainable fashion choices that also meet their most important criteria for making a purchase: ease of purchase, price, and value. For 95 percent of millennials, these are the key drivers for making purchases, finds LIM College.
In addition, brands could play a more active role in effectively marketing sustainability. Few consumers will actually take the time to visit a brand’s corporate sustainability page or read a sustainability report. Sustainability information needs to be clear, visible, and easily accessible — both in-store and online — to cater to the short attention span millennials are so famous for.
In terms of millennials’ brand discovery, Millennials tend to be attracted and interested in products they find online especially when there are high recommendations. Millennials will then do research about the product and will likely take action if they have enough reasons to purchase. (Global Web Index, 2018)The top six channels millennials would likely discover brands through search engines (i.e. Google), ads seen on TV and online, family or friends’ recommendations, TV shows, and films, and social media
Also on the same report published by Global Web Index in 2018, social networks are key touchpoints for millennials as t
his group has the capability to interact with the brand and at the same time as for their friends’ suggestions and comments online. The connectedness the brand establishes to consumers online will highly influence them to purchase the product because it gives the feeling of being valued. The content of the brand also affects the brand’s image to its millennial consumers. According to Global Web Index (2018), “millennials are willing to engage directly with online marketing if the content is compelling enough.”