The importance of sustainability for Millennials

New generations, especially millennials, represent a particular object of study. Millennials are characterised by the context and historical period in which they were born in and in; a historical period defined by technological and digital innovation. We addressed this issue during a round table at the 7th edition of the H2O Utilities Forum, an event we host every year in our Verona Auditorium in which we bring together experts from all over Italy to talk about the water sector.

Young people, born between the late 1990s and 2010, have enjoyed since their childhood, access to the internet and technological tools (hence the term 'digital natives'). Their personal development has been heavily influenced by the availability of an infinite range of information and a new, fast-paced lifestyle. Technological tools influence the everyday life of young people to such a high degree that they trigger innovative habits, cultures and mindsets that become excellent starting points for study and reflection.

An example of how digital innovation is contributing to the development of young minds is the high level of education and information that characterises them, making them demanding and aware.

Young people, in fact, know what they need and, above all, know how to find it online. This, of course, also makes them more selective with respect to the companies they prefer to trust.

Moreover, as a result of an endless source of information, sustainability is one of the topics the new generations are most aware and sensitive about. Indeed, GFK data show that 55% of consumers are socially responsible and are willing to pay extra for products and services from companies committed to sustainability. According to Nielsen data, moreover, 52% of Italian consumers paid more for sustainable products in 2015. The worldwide figure for the same period was already 66%. In 2021, consumers' attention has integrated the logistics and sustainability of green shipping: according to Nielsen and Sendcloud data, 42% of consumers are willing to pay an extra cost. Finally, 50% of CEOs sent away from listed companies were dismissed due to problems with social-environmental reputation and related scandals (Leonardo Becchetti in 'Finance goes green and companies fire insensitive CEOs', 2019).

Thanks to the possibilities brought about by technological innovation, the new generations become a source of great opportunities and advantages when they are seen as targets for businesses.

Young people today feel the need to communicate ideals, messages and to express themselves and their identity. They do this by buying products or services, from companies that share their ideals, becoming part of a community.

Young people will thus be more likely to have a stable loyalty with such enterprises. Moreover, through actions and interactions on the web (such as reviews, comments, likes to various posts on social networks, etc.), new generations offer more feedback. One of the most important advantages brought about by the young target group, however, is the opportunity for economic stability: the youth of today will be the adults of the future. 

The young minds we are talking about also possess great skills and, consequently, become great opportunities for companies. According to PwC's 'Workforce of the future' report, millennials will represent 50% of the workforce in 2020, and 88% of this generation say they want to work in purpose-driven organisations that reflect their values. Furthermore, according to Nielsen data, among all generations, millennials are the ones who stated in the highest percentage (49%) that they prefer to work in sustainable companies. 

The millennial generation today represents a great source of opportunities for companies. Our job is to welcome them, help them cultivate their skills and make them the customers and workers of the future. At Terranova, we guide our costumers in this process through innovative solutions that share one of the values millennials are most sensitive about: sustainability. Through comprehensive, intuitive, scalable solutions we guide our customers in the management of your integrated water service.