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Are millennials more socially conscious consumers?

Millennials are the largest portion of the world population and have different traits than other generational cohorts. Up to 87 percent of millennials expect companies to address pressing social and environmental issues. Millennials are committed to implementing Sustainable Development Goals (SDGs), including equality, climate change, peace, justice, poverty and hunger, job creation, health and education, human rights issues and economic development.

The main reasons millennials consumers are concerned with a higher number of social issues than previous generations may have been, lie in the social and economic environments they grew up in. For instance, the formative years of most millennials took place in the era of unprecedented globalization, child labor scandals and financial crisis. Most of them are educable and knowledgeable, health conscious, socially conscious and financially conscious.

Millennials have been described as the most educated and knowledgeable generation in history. They have access to higher education, and they are motivated to learn. For example, millennials in Hong Kong are the most highly educated in the survey sample, with four-fifths having achieved bachelor’s degree level or above. It’s a fact that millennials are the most connected generations to date. They spend at least six hours a day on their mobile phones, and a recent U.K. study found that millennials spend an average of 8.5 hours a day reading, watching, creating and engaging with content on their devices so that to increase their knowledge.

When it comes to food trends, millennials do care about their health and what they eat. They probably choose high-protein, low-calorie snacks, high-quality frozen foods and food products with low environmental footprint rather than fast food. Millennials have been referred to as the most health-conscious generation ever because of their health knowledgment. Health information empowers them with ideas about good quality foods. They use technologies developed to diminish the risks of disease and other health problems related to aging. Millennials are also dedicated to having a work-life balance and pursuing quality of life. They are investing in their health while making lifestyle choices that prioritize mental and physical health.

Millennials are open-minded and optimistic about a sustainable future because they are a digital generation that believes in technology. They develop friendships with people across all races, ethnicities, and genders. They are eager to support diversity and inclusion of life. In a financially conscious way, millennials are keen on saving for the future and prefer the “sharing economy” services. According to a recent Bank of America survey, 16% of millennials aged between 23 and 37 have already saved $100,000 in their accounts for retirement.

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