The generation of the Millennial (aged 18-35) has a lot of distinguishing factors by which many others judge and evaluate them: lazy, entitled, impatient, and environmentally and socially responsible. I have seen all of these qualities and more in my generation, however there is one critical fact in all of this: Millennials are not going anywhere, and the first of the generation are just now reaching peak buying power. Never before has there been a generation with such a resounding opinion on environmental conservation and social responsibility, which goes beyond the acknowledgment of the problems and is now having a direct impact on their buying decisions. A majority of millennials have not yet reached an age where they are the most important segment of the market, however that is where this country is moving and millennials are developing buying habits and preferences now that will last a lifetime.
The previous mentality of purchase decisions were motivated by a good price or the best quality, which is a way that many business have differentiated themselves. However, millennials are showing that there are focused on more than just price and quality, and additionally seek a level of authenticity and transparency in the products they are buying. It is not enough to simply cut corners and come out with the lowest price, because millennials, more than any other previous generations, base their buying decisions on how the product, or the company selling the product, makes them feel. Does this company care about something? Are they working to make a difference? Where exactly did the ingredients come from? These are just a few of the new criteria with which millennials will be shopping.
So as a business, what does this mean for you? Can't you just continue to donate that check to XYZ charity and move on? The answer is no. Millennials expect more than your company's name on a big check. Your company should be showing that you care about something and that you have a passion for that cause, whatever it may be. You do not have to go above and beyond, you do not have to be extraordinary, you simply have to be authentic.
Millennials will change the business world. They will force companies to change and adapt to their needs and values, because these values are guiding the buyer's purchase decisions. Companies that do not value corporate social responsibility will soon come to learn that they are disappearing. Authenticity comes from a place of genuine honesty and transparency, and being able to boast the lowest price is not going to be sufficient anymore. The millennial generation is about to take the reigns of the market, and when they buy something, they don't just have to like the product. They have to like who and where it is coming from.
