Rising Trend: Social Responsibility is High on Millennials’ List
Today, more than one third of the gainfully employed in the US is between 20 and 36 years old. By 2025, Millennials will represent a massive 75% of the American workforce. They have significant purchasing power.
Companies that support causes are gaining traction with the Millennial customer. But, social responsibility is not just about what they buy. A study from the Stanford Graduate School of Business revealed that 90% of MBAs from business schools in Europe and North America prefer working for organizations committed to social responsibility. Ethics and integrity, it seems, win out over financial reward.
Millennials are highly gadget connected. They have direct access to global problems, like finite resources, human rights, gender inequality and climate change. They’re also quick to share what they care about through social media platforms.
While larger companies and multinationals are catching on to the importance of social responsibility, a new type of business is gaining market share. Small online stores with a specific purpose to do good. Take Bottle 4 Bottle, an Australian family-owned business that invites customers to shop for a cause. Each time they sell a bottle of lotion or spray tan solution, they donate a bottle of premium formula to an orphaned or abandoned child in need.
Millennials support companies that do good, making social entrepreneurship a smart business model to follow. 70% of millennials are willing to pay more for a product that makes an impact on issues they care about.
We’re talking about young men and women with spending power estimated at $2.45 trillion! So, social responsibility should be a top priority for all companies that target this market segment.