Given that 90 per cent of Gen Z is concerned about social concerns and that 75 per cent of them are more likely to buy a product if a portion of the proceeds goes to charity, new research indicates that fashion firms should be in line with the values of this generation.
Marketing firm Dentsu conducted a consumer research project in the UK and Ireland that reveals a shift in customer expectations. Gen Z, or the age born between 1997 and 2012, wants businesses to show that they have a “purpose beyond profit”—even in unstable economic times.
According to the study, more than half (57 per cent) of the younger generation reported having serious concerns about their immediate financial future and saw social action and charity giving as essential components of their personal identities, which connected personal value systems to brand identification.
According to the research, more than 25 per cent of Boomers in their latter years now prefer to purchase from companies that have a clear mission statement. Generational and millennial consumers are turning away from companies that cannot support their social and environmental objectives.
In order for brands to generate new consumer demand and uncover new value in emerging spaces, Dentsu has recommended brands to get a thorough understanding of customers’ value systems and to clearly articulate how they are delivering on those values.
