As a society we are becoming more switched on to the social and environmental impacts of our consumer choices. Recent studies have highlighted the way this has directly impacted the decisions of corporations both big and small, driving up their focus on sustainability.
Our consumer preferences are directly influencing the uptake of sustainable measures by these corporations.
A recent report found 81 per cent of all global respondents felt strongly that “companies should help improve the environment”. The statistic increased to 85 per cent for millennial respondents (aged 21 – 34) in isolation.
This has translated to a plethora of initiatives by corporations that tackle sustainability in practical and emotional ways. From dropping single-use plastics to publicising ethical supply chains, companies of all shapes and sizes are prioritising sustainable approaches to appeal to the evolving consumer.
A study by Nielsen demonstrated this by comparing products that promoted sustainable qualities with other products in their category.
The study saw a higher percentage of sales growth than their category as a whole. For example, the study noted sustainably branded chocolates had a 16 per cent increase in sales, while chocolates overall experienced a 5 per cent increase.
From a business perspective, aligning with the increasingly popular sustainable movement is a win for brand trust. Given the weight of importance Millennials, and indeed the general population, are placing on environmental responsibility, it seems sustainable marketing and practices will only rise as well.