A ‘green’ eco-friendly mind frame is popular among Italian youths
From the ‘Total Retail 2017’ survey released by PwC, it emerged that 70% of Millennials and 66% of those Italians aged over 35 are willing to spend more in the name of sustainability.
According to a survey conducted by the PwC consulting and auditing company, Italian youths are very attentive to the theme of sustainability, insomuch that they are willing to pay more for products with a low social and environmental impact. The data, released in the ‘Total Retail 2017’ report, which polled a sample of 1,078 Italians, in fact demonstrates how 70 percent of Italian Millennials are willing to pay an additional amount for those products that respect the environment, while 66 percent of those over the age of 35 spend more in the name of sustainability. Going more into detail, and based on the survey, 37% of Millennials claim that they are in fact willing to pay up to 5% more, 27% up to 10% more, while 6% is willing to pay an extra 20%.
The way Italians interpret the concept of sustainability is also interesting. To the question, ‘What best represents the concept of sustainability?’, 75% of Millennials answered ‘recycling’, while 55% of the sample replied a ‘green’ eco-friendly product. Sustainability is accordingly of great importance, especially from a business standpoint, but it must be effectively communicated and implemented in the right way.
Youths, in fact, are interested in learning about the sustainable properties of the brands they purchase and they do it above all through the internet sites of the brand itself and retailers (50%), rather than through newspapers and magazines (12%), while those in the 18-34 age range tend to ask directly in the physical store.
Thus, the environmental and social awareness of a brand can become a bona fide determining factor, if, in fact, and as confirmed by the PwC survey, 41% of young consumers claim that sustainability critically influences their brand loyalty, while 52% claim they would be willing to discard brands that do not make efforts to implement environmental and social policies.