Growing Importance of CSR in Business

Studies have shown that 87 percent of millennials and 94 percent of Gen Z expect companies to address pressing social and environmental issues.?

This comes as a big surprise because millennials are said to prioritize experiences over possessions and Gen Z is said to value social media interaction over real-life connections.

However, a look beneath the surface shows that both groups have high expectations of companies to address important social and environmental issues.

This also means that any brand that targets millennials and Gen Z ignore CSR in their supply chain at their own peril.

The main reasons millennials and Gen Z consumers are concerned with a higher number of environmental issues than previous generations, are their exposure to educative content on social media.

The good news for socially responsible brands is that if you have strong CSR credentials, you are much more likely to attract millennial and Gen Z consumers.?

Studies have shown that 91 percent of millennials and 90 percent of Gen Z are more willing to purchase products with a social or environmental benefit.?

At the same time, brands also should make sure that their CSR efforts are genuine and their business should put its best socially responsible foot forward.?

It would also be a good idea to use the power of social media to publicize your CRS efforts as millennials in some countries spend an average of 8.5 hours a day reading, watching, creating and engaging with content on their mobile devices—while for Gen Z, the number was a whopping 10.6 hours.

Younger consumer demographics actively seek out ethical labels and cause-oriented companies and open their wallets more readily for ethically sourced goods.?

Therefore, if you’re looking to build a stronger relationship with your millennial and Gen Z consumers, building an ethical supply chain is an important step.

In today’s fast paced world businesses that take social responsibility seriously can win consumers, as well as help people see your company as a positive force in society.?

The projects you and your team take on can help raise awareness for important causes and keep your business top of mind.