Millennials are more likely to buy from companies making a positive impact on the world, according to the Millennial Pulse 2017 survey and report from The Shelton Group,
“Millennials are pushing companies to make a positive impact on the world because they believe global problems are too big for individuals to solve,” says Suzanne Shelton, president and CEO of The Shelton Group, a marketing and research firm focused on energy and the environment. “Millennials will reward corporations that take action and address problems for them.”
Millennials see corporations as having the power of many — the ultimate crowd. They see spending money with these companies as another form of activism. It’s crowdsourcing by consumerism, Shelton explains.
“Companies now have the opportunity to help Millennials do what they think they can’t do for themselves,” Shelton adds. “It truly is reverse crowdsourcing.”
The Millennial Pulse questionnaire was fielded in June 2017 and surveyed a total of 1,000 Millennial respondents with a margin of error is +/- 3.1%. Highlights from the report include:
- 76% express concerns that climate change will impact their quality of life.
- 59% look to companies to solve problems they feel they can’t address, or would rather not have to.
- 77% say a company’s social and/or business practices impact their purchasing decisions.
- 70% say a company’s environmental practices impact their purchasing decisions.
- 95% who trust a brand’s environmental and social/business practices will recommend the products to other people such as friends, family, and social media followers.
When asked if they could name a brand they “trust when it comes to environmental and social/business practices,” top mentions from respondents were Patagonia, The Honest Co., Whole Foods, and Tesla. Other companies making the list include Amazon, Apple, and Walmart, according to the study.
“Clearly, Millennials are concerned about the environment, but many feel the problems are too big for them to tackle as individuals,” Shelton says. “So they’re looking to corporations to take action. That gives companies a real opportunity. Help the planet, help your business.”