Millennials are officially assuming the mantle of the largest generation in U.S. history, which means they wield immense spending power. As a result, their preferences are firmly in the spotlight. They demand convenience associated with shopping services such as Amazon and entertainment platforms such as Netflix, and they also expect technology to be ubiquitous across industries. What’s perhaps most common among Millennials, however, is the tendency to associate themselves with brands that champion a cause.
A staggering 91% of Millennials report that brands with a cause are more appealing to them, and they would spend extra to back these companies that have a sense of corporate social responsibility. Those same Millennials are also part of the largest generation in the workforce. 64% of them will consider a company’s CSR mission when looking for a job, while three-quarters indicate that they would take a lower-paying job if it allowed them to work for a socially responsible company.
With all of this in mind, companies should help people and contribute to causes because it’s the right thing to do, not as a PR stunt to drive profits. Still, taking up an authentic CSR mission can have a huge impact on your bottom line and turn customers into passionate advocates.
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