As the fall-out from Covid, Brexit, spiralling inflation and the war in Ukraine conflate into an ongoing cost of living crisis, almost everyone is feeling the pinch in 2022. In fact, a recent report by the Center for Economics and Business Research (CEBR), found that almost three-quarters (74%) of people think that the cost of living crisis will have a negative effect on them.
Consequently, most of us are being forced to make difficult financial decisions, to make our pounds stretch further than ever.
However, an interesting trend is emerging amongst Gen Z consumers. Despite these challenging times, younger generations are still willing to pay more for products that meet their ethical standards. According to data from YouthSight’s State of the Youth Nation, around 1 in 5 young people believe having ethical values is the most important brand attribute. Significantly ahead of their older cohorts.
Being more likely to feel strongly about environmental or welfare issues, Gen Z continues to prioritise ethical consumption. Despite the challenging landscape, brands mustn't forget what really matters to their audience. And those that can authentically tap into their consumers values, will be disportionately rewarded with brand loyalty. Something that should always be treasured by brands, particularly during these tough financial times.
If you’d like to tap into consumer attitudes and deliver game-changing business insights, get in touch with us at The Uncommon View.