Informative
August 30, 2024
Call us snowflakes, woke, or ‘brats’ (hey charli), but we’re changing industry and we’re doing it loudly and proudly. And now, we have proof. Gen-Xers and baby boomers can (finally) leave us alone or get on board. Last call!
So what’s the tea, you ask? In a recent report by Statista, it was found that Gen-Z and Millennials are (unsurprisingly) shaping the sustainable category by challenging incumbents to become more eco-conscious.
In this blog, we’ll cover insights from the fashion apparel, food and beverages, and transportation industries.
Millennials, the first generation to come of age in the internet era, and Gen Z, their digital-native successors, share a profound commitment to sustainability. In fact, they’re willing to pay a premium for eco-friendly products and services. Baby Boomers, on the other hand, are more hesitant to spend extra on sustainable options.
The Impact Stat: Millennials in the US and Germany are willing to pay more for sustainable products, with 30% of respondents expressing a preference for eco-friendly options. The United Kingdom, while showing similar trends, stands out with Gen Z leading the charge in sustainable food consumption.
But here’s the thing. 50% of the Germans surveyed think sustainability or eco-friendliness should not be a luxury, followed by the United Kingdom and the United States with 38% of respondents agreeing with the statement.
The term "Baby Boomers" refers to the generation born in the post-World War II period, characterized by a significant spike in birth rates as soldiers finally returned home after a long time! Ew, David.
Between 2015 and 2022, the number of vegans in Germany increased by a whopping 85%, reaching 1.58 million in 2022!
This surge is largely due to the growing awareness of the environmental impact of meat consumption. The livestock industry is a significant contributor to greenhouse gas emissions, deforestation, and water pollution. So it’s not a wonder that Gen Z and Millennials who are increasingly conscious of these issues, are leading a shift towards plant-based diets.
Millennials and Gen Z are demanding greater transparency and ethical practices from fashion brands. They are increasingly drawn to sustainable fashion, including secondhand clothing and organic materials. While the overall market share for sustainable apparel remains relatively small, the growth of secondhand fashion tells us that there is indeed a growing consumer preference for circular economy models.
Germany is leading the race to sustainability – the secondhand market is projected to double by 2027.
Did you know: Millennials alone make up 41 percent of the sustainable fashion market in the US.
The younger generations are embracing alternative modes of transport. Gen Z, in particular, is opting for public transportation, driven by both environmental concerns and economic realities. This is evident in the U.S., where 76% of Gen Zers report that climate change influences their travel choices, compared to 37% of Baby Boomers. In Germany, environmental consciousness is more evenly distributed across age groups, with at least 60% of each generation expressing concern. The trend follows in the UK with 73% of Gen-Z and 65% of millennials echoing the concern around traditional transportation.
The ‘no cap’ generations make discerning customers. From sustainable fashion to eco-friendly travel, they're rewriting the playbook for every industry – giving way to disruptive insurgent brands that are growing at breakneck speeds. Companies that ignore this shift risk becoming irrelevant.
It's time to step up, be transparent, and ethically market your brand. The planet (and your bottom line) will thank you.
