Consumers are demanding meaning in an uncertain world
Gen Z and Millennials are at the forefront of demanding more from brands, but value and behavior shifts are manifesting across generations (see GWI 2020 below).
Consider brand values before buying
Gen Z: 87%, Millennials: 84%, Gen X: 79%
Express a preference for brands with purpose
Gen Z: 68%, Millennials: 65%, Gen X: 58%
More likely to buy from companies that support social causes
Gen Z: 95%, Millennials: 89%, Gen X: 80%
Greta Thunberg’s Fridays for Future movement which started in August 2018 marked the beginning of louder demands for action around the climate crisis. Progressive brands reacted: Ben & Jerry’s, Patagonia and Lush Cosmetics closed their shops, headquarters and manufacturing plants during the Global Climate Strike on September 20 2019 in support of climate activists. Seventh Generation even donated its Today Show commercial airtime to environmental non-profits.
In 2020 the COVID-19 pandemic - characterized by lockdowns and social distancing - turned our world upside down and triggered the worst economic downturn since the Great Depression. It also led to a complete re-evaluation of life’s essentials, working conditions, the importance of health and family, generational dependencies as well as religion and spirituality. Values were reprioritized, choices questioned. There wasn’t a single brand that didn’t adjust its business, marketing and communication strategies - but with varying success. Ad Age kept track of all responses in the early stages. Some of the most respected ones: Nike, Ford Motor Company, LVMH, Guinness, Netflix, Peloton.
Finally, the George Floyd protests against racism and police brutality in the US with global resonance elevated demands once again. Nike’s “For once, don’t do it” set a standard and was in line with the brand’s previous support of Colin Kaepernick. To follow through the brand launched the “True to 7” shoe with the former NFL quarterback who took a knee during the national anthem in 2016 to protest systemic racial inequality in the US.
Brands are not just expected to take a stance, but demonstrate action towards social and environmental causes. Where established institutions are failing consumers look for corporations to enter the stage and build a positive future. However, it is not an easy task. “Woke washing” has become the term for those who just talk and don’t walk the walk. Digital transparency and consumer scrutiny are increasing and revealing shallow candidates. Fact is: ancillary initiatives are not the solution, a brand’s beliefs and purpose must be at the core of every action. Meaning must be built into the business model and inspire meaningful brand & marketing collaborations as a catalyst for growth.