Close to two thirds (64%) of Gen Z consumers say that they would be willing to pay more to purchase environmentally-sustainable products, as would 63% of millennials, a new study by Deloitte has found.
The 13th edition of Deloitte’s Gen Z and Millennial Survey also found that around six in ten Gen Zs and millennials state that that have been either 'worried' or 'anxious' about climate change in the past month.
The survey of 23,000 respondents across 44 countries noted that 46% of Gen Zs and 42% of millennials have already changed or plan to change jobs due to climate concerns, while more than half (54%) of Gen Z consumers note that they are 'putting pressure' on employers to do more to combat climate change, along with 48% of millennials.
Environmental sustainability is a topic that 'weighs heavily' on Gen Z and millennial consumers, according to Deloitte.
'Taking Action'
'The majority of them take action to minimise their impact on the environment,' Deloitte said. 'They feel governments should play a bigger role in pushing business to address climate change. And that business, in turn, could and should do more to enable consumers to make more sustainable purchasing decisions.
'Protecting the environment is the societal challenge where respondents feel businesses have the most opportunity to drive change. Gen Zs and millennials are pushing business to act through their career decisions and consumer behaviours.'
Elsewhere, 25% of Gen Zs say that they have 'stopped or lessened' a relationship with a business due to unsustainable practices, compared to 24% of millennials.
Financial Situation
In terms of these cohort's financial situation, just 32% of Gen Zs and 31% of millennials believe the overall economic situation will improve in the year ahead, while 48% of Gen Zs and 40% off millennials believe their personal financial situation will improve.
Both cohorts are less confident about improvements in the overall social/political situation, however, with 28% of Gen Zs and 26% of millennials anticipating an improvement.
