Eco-friendliness and sustainability weigh so strongly on the minds of consumers today that many will even pay more for environmentally conscious products and services. In response, companies are becoming more mindful of how their operations affect the environment, taking a more active and genuine approach to sustainability to attract Millennials, who crave authenticity.
Millennials are 75 million strong in the United States, and their generation is a highly engaged and vocal customer base. More than any prior generation, sustainability plays a key role in the shopping habits of Millennials, and this consciousness is trickling down to younger generations. A recent Nielsen study found that 72 percent of people presently between the ages of 15 and 20 (Generation Z) said they would pay more for products from such companies in 2015, compared to 55 percent in 2014.
Whether it’s by going paperless, creating low-energy processes, or simply recycling in the office, businesses that demonstrate a commitment to sustainable habits and methods will attract environmentally conscious consumers and save themselves a lot of money — often around 20 percent on water, 30 percent on energy, and 15 percent on paper. My own company, Pharos Systems International, has seen the benefits of these sustainable habits.
To achieve these cost savings while growing a loyal customer base, business leaders must model green behaviors for employees to gain their commitment and ensure that a mindset of sustainability permeates the entire organization.