With buying power of over $140 billion, Gen Z is the fastest-growing consumer segment with unique purchasing values and behaviors. Younger generations do not only seek sustainable products, but also clearly state their willingness to pay more for them. According to a UNiDAYS survey, 93 percent of the Gen Z population believe brands have an obligation to take a stand on environmental issues.
"With Generation Z on track to becoming the largest generation of consumers this year, retailers and brands must start supercharging sustainability practices now if they are to keep pace," First Insight CEO Greg Petro said.
Retailers have noticed this change in consumer values and are adapting accordingly. IKEA, for example, has switched their entire lighting range to LED and are on the road to 100% renewable energy. Clif Bar has already sourced one billion pounds of organic ingredients since 2003, and has pledged to make all packaging compostable, recyclable, or reusable by 2025. Certifications like B-Corp and Fair Trade have also become popular among brands and their consumers.
In addition to environmental progress, GenZ has also resonated with the values of transparency, ethical standards, and DEI (diversity, equity, and inclusion). According to a recent study conducted by the Consumer Goods Forum and Futerra, 90 percent of Millennials and Gen Z personally care if they receive honest information about products. Data also correlates honesty with brand trust, meaning that GenZ has little trust in brands that aren't exhibiting transparency.
Voyagers was created by GenZ leaders Devishi Jha and Isabel LoDuca as a platform to foster conversation around sustainable business, with GreenBiz as a partner. Launching on October 21st, Voyagers will feature an industry panel with sustainability leaders from IKEA and Clif Bar and climate activist Ziad Ahmed, kicking off a forcible youth-led change in the world of business sustainability.
Media Contact - Devishi Jha, (219)-309-3844