Millennials' Changing Relationships With Businesses [CHART]
Millennials spend about $322.5 billion annually, a strong figure but one that’s less than Baby Boomers and Gen Xers.
What may set Millennials apart from those other two cohorts is that they are more apt to let their purchasing dollars speak for them when it comes to a business’ environmental impact or ethical behavior, according to this year’s Global Millennial Survey from Deloitte.
The study shows that for Millennials (defined as being born from 1983-1994), corporate social responsibility (CSR) cannot be an afterthought.
Of the more than 13,000 Millennials surveyed for the report, about two-fifths (42%) reported that they have started or deepened their relationship with a company because it has products or services that positively impact the environment or society.
On the other side of the coin, around 4 in 10 (38%) have stopped or lessened their relationship with businesses that have products that negatively impact the environment or society.
Aside from the products themselves, the ethical behavior of a company also matters to Millennials.
Some 37% say they have stopped/lessened their relationship with a company due to its ethical behavior, while 36% say they have started/deepened their relationship with a company for this same reason.
This is not lost on business leaders, with a large majority agreeing that acting ethically will ultimately bring them more business and revenues. Read the rest at Marketing Charts.