Gen Z Influences The Next Decade of Business Practices

 

As we begin 2020,  Generation Z is poised to account for 40% of all consumers in the US. This cohort of over 65 million spenders are less about consumerism and more likely influenced to spend money to better their life experience. Their idols are Time’s Person of the Year,  Greta Thunburg.  Their movements include “There is no Planet B.”

Gen Z recently entered the workforce. As a result, their spending power, currently valued at $44 billion, is growing every day. This group was born between 1995 and 2015. They have proven to be brand loyal and overwhelmingly support companies that take a stand on issues such as the environment, economic disparity, and gun control.

According to the 2019 Retail and Sustainability Survey by CGS, more than two-thirds of respondents consider sustainability when making a purchase and are willing to pay more for sustainable products. Gen Z make up the most sustainably conscious buyers, with 68 percent having made an eco-friendly purchase in the past year.

Gen Z is also focused on authenticity. They want to see their brand take risks in order to fulfill their mission statements.  According to Gen Z Insights, this group wants to tackle climate change and the environment TODAY and are willing to use the power of their purse to support and promote organizations that aligns with their mission.

What Concerns Gen Z

Starbucks, Patagonia, Met Life, Tesla and IKEA are high profile brands that get large amounts of press coverage when they announce steps they are taking to be more sustainable. In an on-line search, IKEA’s switch to bio-degradable mushroom packaging will yield roughly 5 pages of articles. If your organization doesn’t have the advertising/PR budget equivalent to the these companies, there is an abundance of creative marketing opportunities to reach your Gen Z Consumers.

Listed below are 5 Ways to Practice and Promote Sustainability within your company and help combat Climate Change:

1.    GO SOLAR – Let your property work for you! Produce Green energy, reduce carbon emissions, lower your utility bills, increase your overhead and let Gen Z know that your business is serious about protecting the environment.

2.    Provide Clean Drinking Water – Save the gas your office manager uses to drive to Costco and pick up those 24 plastic bottles that will never disintegrate in Gen Z’s lifetime. Issue a company branded water bottle to each employee and provide filtered water.

3.    Switch to Sustainable Packaging – Then go one step further and reduce the amount of packaging that is used for each product. Not only does it create less waste on the planet, but your company will reduce the amount of energy required to produce and transport the packaging. The less packaging your company buys, the more your company’s overhead will increase.

4.    Allow Telecommuting –  By allowing your employees to work from home, you’ll reduce the energy that’s being used in your office as well as reducing the carbon footprint that comes with commuter traffic. You will create an enviable work environment for talented Gen Z job seekers and a company of loyal employees.

5.    Fill Your Office With Plants – This will improve both the air quality and décor of your offices. As soon as your team members and Gen Z clients walk into your office space, they will appreciate being able to breathe contaminate free air.

Make Your Business sustainable

Gen Z’s consumer will impact business owners and organizations well beyond 2080. Now is the time to become a brand that they will be loyal to for life.

Best Wishes to Baby Boomers, Gen Xers, Millennials and Gen Zers everywhere for a Happy, Peaceful, and Sustainable Decade!