As of 2015, Millennials officially make up the largest generation of consumers. As companies scramble to gain a competitive advantage with Gen Y, many would be advised to consider corporate social responsibility.
Corporate social responsibility (or CSR) is defined as “the voluntary activities undertaken by a company to operate in an economic, social and environmentally sustainable manner”. Examples may include Google Green, an effort by the tech giant to contribute to environmental sustainability, or Microsoft, whose founder Bill Gates is a noted philanthropist.
But acts of CSR reap more benefits than simply the direct charitable impact. Studies show they also draw in Millennial consumers.
For instance, a 2015 Cone Communications Study showed that “More than nine-in-10 Millennials would switch brands to one associated with a cause”. Moreover, another survey by Horizon Media showed that 81% of Millennials expect businesses to engage in good corporate citizenship.
But why does CSR matter to Millennials? Well, our research shows us that, when asked about their values, Millennials identify a deep commitment to equality. Businesses that appeal to this value, are more likely to win Millennial support.
You don’t have to be Google or Microsoft to appeal to the Millennial Consumer. Contact Us to learn how our team can help your business engage with Canada’s largest and most influential consumer group.
Which Millennial type is most likely to be influenced by CSR: The Spark.