How Today’s Everything Buyers Are Forcing Brands to Shape Up (Or Ship Out)
NEW BRUNSWICK, NEW JERSY, UNITED STATES, March 31, 2020 /EINPresswire.com/ — There is nobody more discerning in modern history than the millennial buyer.
Call him what you will, but today’s late 20’s to early 40s aged buyer is deliberate bordering on the fickle, and it shows. Research shows that more than 63% of purchases made online are made based on user-generated content, ranging from Amazon reviews to unboxing videos on YouTube.
But as the social media takeover gets a new kind of foothold, consumers are exercising an even more potent buyer right: the right to take sales from the companies who don’t give a crap.
The Buyers With the Heart On Their Sleeve
Boomers and Gen-Xers may lament the studious tastes of their generational successors, but the fact is that these buyers are about to make up the majority of the nation’s economic might.
In 2018, millennials were projected to overtake Gen-Xers as the carriers for the single largest buying power in the United States, with an estimated $200 billion in collective annual spending.
But this generation spends its money unlike any other, and if there’s one thing the data shows, it’s that the economic constraints of the highest cost of living in decades hasn’t phased them — they’re living frugally, and still putting their money into purchases from ethical brands.
On average, most millennials spend their time and money in places and experiential purchases that are value aligned, meaning they’re willing (and able) to spend more money on things like organic produce, whereas they might save money by cohabitating with friends or family members.
In most cases, what’s most remarkable about this generation is that they’re 75% more likely to buy from a company whose values align with their own.
Millennials are putting their money where their mouth is, and their mouth is fed up with unsustainable business models that take endlessly from the environment.
Greenwashing Is a Bust
About five years ago, marketing terms like ‘natural’ and ‘green’ would fly enough to give companies a spike in interest for conscientious buyers. Over time however, shoppers opened up to the idea that they were being manipulated, and the game got blown wide open.
It shows tremendous restraint on the part of the buyers to hold out and pay more for ethical brands. Now things like MadeSafe and GOTS-certified are the new standards in eco-validation, and buyers are more aware all the time of ways to identify the frauds and the fakes in the business.
The label-reading generation who elicited so many eyerolls in its early days is in its renaissance of making changes, and the effects are rippling out to wider profit margins in value-aligned industries not seen since the dawn of inflation.
Brands are capitalizing on the response in the best way — by greening their businesses, and creating conscious enterprises that operate as a force for good.
It’s Supply and Demand, Baby
For small companies like White Lotus Home, an eco-friendly bedding supplier, the change is hardly a shocker.
“Today’s businesses have to adapt to the “organic” change and understand that Millennials, and even some Gen Xers, read labels and do their homework before shopping. They’re changing many industries,” says President Marlon Pando.
The homegrown New Jersey based company has just celebrated one of its latest in ethical manufacturing achievements: becoming GOTS certified.
“When I started working for White Lotus Home in 2006, it was good enough for customers to know that we were doing our best to be natural and organic, but now they look for proof beyond marketing, they need facts.
At White Lotus Home, integrity has been key, word of mouth is responsible for over 70% of our business and becoming GOTS was the best next step.”
In 2018, a whopping 85% of purpose-driven brands saw positive revenue growth, compared to the 42% of non-purpose driven brands who saw a DROP in revenue.
The numbers speak for themselves: positive changes might exist in the hands of conscious enterprises like White Lotus Home.
White Lotus Home is a sustainable bedding manufacturer selling mattresses, duvets, pillows, sheets, and more online and in-store at their New Jersey showroom location. They’re committed to producing clean, hypoallergenic environmental change, one mattress at a time.
Source: EIN Presswire