Millennials are paying increasing attention to sustainability
“When choosing a brand, quality and sustainability are becoming increasingly important and Millennials are even willing to pay more as long as the products and brands are virtuous.”
Speaking is Erika Andretta, partner of PwC Italia and specialized in the Retail & Consumer sector, who presented the study entitled Sustainability captures Millennials and Gen Zs during the Milan Fashion Global Summit 2018.
This third survey on the theme, processed by the consultancy and auditing company last September, collected the answers of 2,424 young people born between 1980 and 1994, in other words, Millennials who were stepping out into the working world in the critical years of 2007-2008, as well as those born between 1995-2010 (Gen Zs).
In terms of clothing, 60% of the sample stated that they valued quality when it came to choosing a brand (63% in regard to accessories). 35% of those interviewed declared themselves to be willing to pay up to 5% more for an outfit if it is socially and environmentally sustainable And, as far as accessories are concerned, 33% said the same: 12% Millennials and 11% Gen Zs.
The percentage of young people willing to spend more decreases gradually as the extra cost for green fashion increases, but Gen Zs are more willing than the Millennials.
The study also outlined how, in the eyes of the young, fashion is not always sufficiently transparent in terms of product information, with 42% referring to clothing and 44% to accessories. Millennials and Gen Zs state that they firstly go looking for information on clothes on the seller’s website, on its social media and also, by word of mouth.
According to PwC, brands should also take note of the fact that those interviewed thought that, more than the social media and advertising campaigns, the most effective tool for communicating sustainability is the label. As for the use of social networks, 20% of Millennials and 34% of Gen Zs use them to discover new brands and products, 17% and 26% of Millennials and Gen Zs respectively read reviews and comments, 16% (M) and 23% (Z) consult them in order to receive offers and another 12% (M) and 19% (Z) use them to look at the advertising.
The most favoured device? The smartphone, of course, as confirmed by 27% of Millennials and 41% of Gen Zs.