Sustainability is a major factor that influences Gen Z’s purchasing decisions. It’s a core value for this cohort of consumers, who are also your primary customers as the current generation of college students. Keep reading to see how Gen Z college students prioritize sustainability in retail.
Sustainability as a Core Value
A few core values for Gen Z consumers are social impact, authenticity, and sustainability. These values aren’t just simple preferences your Gen Z shoppers might ignore, they’re crucial factors that influence their purchasing decisions. If a brand or a product doesn’t resonate with these values, it’s an automatic deal breaker for most Gen Z consumers. They will move on to another brand that meets their standards and possibly take their business to another store.
Willing to Pay More
One caveat of a sustainable brand in retail is that it often comes with higher prices. It takes effort to reduce a company’s carbon footprint, and higher retail prices reflect this. However, this doesn’t stop Gen Z. They are ready and willing to pay more for sustainable products. If you are thinking about stocking some sustainable items on your shelves but are worried your customers might forego them due to the SRP, you might just be surprised when your Gen Z shoppers bring those products to the register.
Eco-Friendly Goods are on the Rise
Due to Gen Z’s core values, their willingness to pay more for sustainable products, and their influence on the market, worldwide sales of sustainable products are growing each year. To be exact, the global market for eco-friendly goods is growing at 24% year-over-year. This means that sustainability in retail isn’t just a passing fad, it’s a new constant retailers need to be aware of to succeed with Gen Z consumers.
Final Thoughts
Sustainability is extremely important to Gen Z consumers – AKA, your college students – so it’s important to lean into it to maximize your bookstore’s success. Gen Z consumers treat sustainability as a core value, not just a passing trend. They are also willing to pay the higher prices associated with sustainable products. Looking at the global growth of eco-friendly goods, we can expect to see sustainability processes impacting Gen Z purchasing decisions for years to come.
Sources
https://www.quad.com/insights/consumer-insights/marketing-to-gen-z-sustainability-trends-and-caveats
https://editorialge.com/how-gen-z-is-driving-demand-sustainable-brands/
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