Brands with green credentials are still very desirable to younger audiences, despite the ongoing cost of living crisis, according to a report by CACI, the consumer and location intelligence specialist.
The research reveals that 74% of people aged 18-24 would be willing to spend more on a brand that aligns with their core values.
This sentiment is also supported by 57% of 25-34-year-olds, suggesting that there is potential growth for brands that can showcase how their ethos corresponds with these groups, despite the cost of living crisis.
This research follows an ESG-focused survey conducted by CACI earlier this year, which drew similar conclusions about the willingness of younger people to spend more to achieve a higher sustainability standard.
The two youngest age groups own proportionally more EVs than older generations and were more willing to increase energy spending if it meant securing it from purely renewable sources.
“The cost of living crisis is a cause for concern and undoubtedly impacting spend, with over 50% of the population concerned about their finances, but our study does demonstrate that there is an opportunity for brands,” CACI senior consultant Hannah Smith said.
“Much like the pandemic, this is accelerating changes in consumer behavior that was already on the move, so if businesses can grapple with this, there is the possibility of coming out the other side stronger and better aligned with what customers actually want.
”We are very much in the age of conscious consumerism. Younger generations have become more considered with how they spend their money, scrutinizing company values with a particular focus on ESG.
“Businesses that can adapt, or target younger people with effective marketing to highlight existing credentials, will be in a great position to attract customers now and win their future loyalty.”