Sarah Ford | September 12, 2014

Before Incorporating a Social Mission, Consider These 5 Things

By Davis Smith

As the world has become more connected, we are afforded a clearer lens into issues affecting the rest of the world.  The result is a new wave of digital natives who are socially conscious consumers — with millennials leading the pack.  Indeed, a recent report found that out of any generation, Gen Y is considered the most focused on corporate social responsibility. The research also pointed to the fact that many millennials were more trusting (91 percent) and more loyal (89 percent) to businesses that had an underlying social cause. Eighty-nine percent stated they were also more likely to buy from these companies. These findings are something businesses should not take lightly, as the millennial generation spends about $170 billion and by 2020 will be responsible for 30 percent of retail purchases and make up 50 percent of the workforce, according to a recent ComScore study. It is also important to keep in mind that people grouped under other generations also into social responsibility, but it just seems that the trend is gaining more and more momentum with younger folks.

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