New study shows that Gen Z will strengthen sustainability trend
As Gen Z is expected to become the largest consumer market by 2020, their buying choices are beginning to affect the market. According to a report by CASSANDRA, ninety-three percent of parents say their children influence household purchases, showing that Gen Z’s spending habits are already making an impact. Though the exact age range of Generation Z is up to debate, what is clear is that the generation is unique in that the majority of its members have known the internet since a young age. Most sources agree that Gen Z encompasses those born after 1995 and sometime before 2009 through 2014.
GreenMatch, an online service set to link consumers with green energy products, has created an infographic to explore the importance of sustainability to Gen Z consumers. “Generation Z is continuing the trend set by millennials in choosing to spend more money on goods from sustainable or ethical companies,” the report stated.
According to GreenMatch’s findings, 72 percent of Gen Z would spend more money on a service it was sustainably produced. The study shows that Gen Z isn’t as concerned with brand loyalty as their millennial predecessors. Rather, Gen Z will actively seek out sustainable products as their loyalty lies more within values. Like millennials, however, Gen Z has a strong preference to switching to brands who take sustainable initiatives, and those values are more important to Gen Z than cost. Furthermore, GreenMatch’s findings show that Gen Z is more willing to boycott companies who do not meet their values.
The study concluded, “The buying habits of Gen Z have yet to be fully discovered, but it is clear that the next generation will change the business landscape through greater consumer activism than past generations.”