“Lots of millennials expect the companies they patronize to be conscientious. There’s an element of outsourcing virtuous behavior to companies—maybe millennials feeling virtuous because they’d demanded that the companies be virtuous,” said Dolliver.
“This leaves aside the question of whether millennials (and others) are willing to pay much of a premium for companies’ virtuous behavior—for instance, on the environmental front. I’m not so convinced they are. It may be more a matter of shunning companies that are blatantly unethical than paying extra to reward companies that bear the added costs that often go with being socially responsible,” he said.
Whatever action millennials may take, Deloitte recommends that businesses be more conscientious about taking meaningful steps to make a difference, like balancing profits with protecting the planet, helping solve society’s problems and creating a culture that is diverse and inclusive.
“By ensuring that strategy incorporates plans to meet societal needs and acknowledging the personal and societal concerns about which millennials and Gen Zs care most, businesses can re-engage younger generations and inspire loyalty,” the survey said.