In a recent study titled ‘EY Future Consumer Index’, it has been revealed that a significant portion of young consumers, comprising both Gen Z and Millennials, are actively considering or have already relocated to areas with milder climates.
In addition to this, a majority of this demographic are adapting their homes to align with their changing priorities.
The study highlighted the growing importance of climate considerations and sustainability in the consumer market.
Gen Z, millennials want to move to regions with temperate climates
According to the study, approximately 44 percent of individuals aged between 18 and 42 have either relocated or expressed intentions to move to regions with more temperate climates.
Moreover, 58 percent have taken steps or are contemplating modifications to their homes to better suit their evolving needs.
This reflects a profound shift in consumer attitudes towards environmental factors and their desire for a more sustainable lifestyle.
The study also delved into the attitudes of younger consumers towards sustainable products.
Gen Z want more sustainable brands
Among Gen Z respondents, 36 percent reported feeling more positive about brands that prioritise sustainability.
Meanwhile, 27 percent showed a stronger inclination to purchase products that are environmentally friendly.
Additionally, 24 percent expressed an expectation for brands to provide access to data regarding their environmental impact, while 23 percent hoped that the introduction of sustainability measures would not result in price increases.
The scrutiny of sustainable impact was another aspect explored in the study. Results showed that 34 percent of Gen Z respondents actively follow sustainability content on social media, indicating a growing interest in staying informed about environmental issues.
Moreover, 31 percent avoid purchasing brands that are harmful to the environment, while an equal percentage checks sustainability ratings of products.
Other habits include reviewing corporate sustainability policies (30 percent), validating sustainability claims (26 percent), and being willing to pay extra based on sustainability claims (23 percent).
Gen Z lifestyle choices include recycling, reusing packaging after use
Lifestyle choices also reflected the changing preferences of young consumers, the study said.
The study found that 44 percent of Gen Z individuals recycle or reuse packaging after use, while 43 percent bring reusable shopping bags to stores.
Additionally, 39 percent recycle or repurpose products after use, and significant proportions conserve energy use (38 percent), conserve water (36 percent), and opt to repair products rather than replace them (32 percent).
This growing trend towards sustainability and conscious consumerism indicates a shift towards purchasing fewer, higher-quality products that align with consumers’ values and lifestyles.
While quality and value for money remain important factors, 44 percent of participants noted that they would opt for a more sustainable alternative when available.
Meanwhile, the percentage of consumers willing to pay a premium for sustainable products and services has steadily increased, rising from 24 percent in February 2022 to 32 percent.
The study also revealed that almost a third (31 percent) of Gen Z consumers have actively reduced their purchases from brands that they feel are not doing enough to mitigate their environmental impact.
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