Consumers are more discerning than ever before. They have high expectations for the quality of the products they are buying and equally high expectations for the companies they support. Companies must be responsible global citizens if they wish to keep customers.
Generation Z is dominating news headlines. They're young, they're tech-savvy and they have enormous purchasing power – $143 billion in the United States alone. Only 25% of Gen Zers save more than half their money each month. In 2020, Generation Z will comprise 40% of all consumers, according to SheerID. It will only grow too as Gen Z is made up of those people born in the mid- to late-1990s to the early 2010s and are just joining the labor force.
Generation Z is also more concerned with climate change than any previous generation, including Millennials. When recently polled, 41% of Gen Z respondents named climate change the most important issue facing the world, and the country - pollution came in second with 36% of respondents, and terrorism ranked third with 31%.
Generation Z’s concern over climate change is changing the way they eat. Studies show up to 79% of American Gen Z’ers aim to go meatless a few times a week, and 60% report they want to make their diets more plant-forward. The move to plant-based food makes sense.
The agricultural industry is one of the planet’s most significant sources of climate-altering gasses, with the majority coming from meat and dairy production. Blame the cows. If cows were their own country, it would rank as the third-largest greenhouse gas emitter in the world.
Companies will need to adapt to customer concerns and passions. Those companies that focus on innovating new products to be more sustainable and socially responsible will profit. It's also the right thing to do.
Amidst all the disruption, the changing buying channels, and consumer upheaval comes the unabated demand for food, beverage, and other CPG businesses to bring new products to market. Listen to the new podcast series, “Conception to Consumption,” as TraceGains CEO Gary Nowacki talks to brand, product, and innovation experts to uncover best practices and real techniques that will help improve the new product development process within your business.
Get started by listening to Paul Shapiro of The Better Meat Co, and best-selling author of Clean Meat as he takes a deep dive into how close we are to replacing animal protein. Take a listen to Paul here.