Gen Z shoppers more conscious buyers: Report

With price still being a big factor in purchasing decisions, consumers are putting an emphasis on sustainability, and are also increasingly focused on shopping with brands whose mission they care about, revealed CGS, a global provider of business applications, enterprise learning and outsourcing services, in its 2019 Retail and Sustainability Survey.     

Across the US, businesses are taking action to implement more eco-friendly processes and products. Nearly 70 per cent of CGS survey respondents said that sustainability is at least 'somewhat important' to them when making a purchase and 47 per cent would pay more for a sustainable product.

CGS surveyed over 1,000 US individuals (ages 18-65+) on how sustainable products and business practices are driving their buying preferences.

While Gen Z is still a rising economic force, this generation is far more aware of the environmental effects of their purchasing decisions than their elders. The survey showed that Gen Z ranks ethical business/manufacturing as one of its top factors when purchasing, while the general public is more concerned about product price and availability. Yet, the general public is more likely to return to a brand based on the quality of the product, rather than sustainable practices. Additionally, more than 50 percent of Gen Z would be willing to pay more for a sustainable product, slightly higher than expressed by the general population (47.3%). 

Further, consumers are most likely to return to a brand for the product’s quality. However, the second highest reason consumers return to a brand is its sustainable/ethical business practices. Brand name and brand mission closely followed in third and fourth place, respectively, according to CGS survey findings.

"Today’s buyers are driven by more than price – they’re looking for brands that align with their own values and needs," said Paul Magel, president, Business Applications division, CGS. "To create a loyal customer base, brands must be transparent about the materials and development behind their products. Our BlueCherry software helps brands meet these demands and deliver on the promise of sustainability and transparency." (RR)

Fibre2Fashion News Desk – India