Gen Z refers to individuals born from 1997 to 2012. Their older members are now in their 20s and are already contributing to society’s success.
As Gen Z enters its second decade of life, they are more skeptical about how businesses and brands influence society. This generation wants to see and participate in more tangible ways.
While past generations may have focused on mission statements and goals, this new generation is more likely to expect more from their companies and their commitments to CSR. Corporate Social Responsibility impacts this generation in the following ways:
Due to the rise of consumerism, Gen Z is more conscious of where their money is going. Unlike its counterparts, this generation has massive potential for purchase power.
Gen Z is likelier to use its purchasing power to extend its voices. They prefer to shop for brands that share their values and align with them. The more companies can win over Gen Z consumers by addressing their concerns about corporate social responsibility, the more they will be willing to buy.
The Digital Age
Being part of social media has given Gen Z a deeper understanding of companies’ authenticity. They can see how brands respond to customers’ needs and actions on platforms such as Tiktok and Instagram. Due to the rise of consumerism, most of Gen Z is now online. Social media is very beneficial for a business as it can help it win over Gen Z. Before you start using it, it’s essential that you thoroughly analyze your strategy and make sure that it’s in alignment with the company’s goals and values.
Diversity and Inclusiveness
Diversity, equity, and inclusion are key factors that businesses and brands should consider when it comes to social responsibility. Gen Z is also paying attention to the various initiatives that their companies are implementing. As the number of Gen Z members becomes more involved in the workforce and the buying culture, companies must prioritize their efforts in addressing these issues.
There is no doubt that Gen Z members prioritize CSR. As more generations like Gen Z become involved in the buying culture and the workforce, companies must step up their efforts in addressing social responsibility.