A recent study by Deloitte offers insight into the determination of millennials and Gen Z consumers to drive positive change in their communities and globally, even amid the COVID-19 pandemic.
The 2020 Deloitte Global Millennial Survey, which is divided into two parts (“primary” and “pulse”) indicates that these consumers will actively support businesses that provide a positive impact on society.
“The COVID-19 pandemic has radically shifted our way of life — how we work, socialize, shop, and more — and young generations were especially impacted,” says Michele Parmelee, Deloitte Global Chief People and Purpose Officer.
Nearly 30% of Gen Zs and nearly a quarter of younger millennials (aged 25-30 years old) have either lost their job or have been placed on temporary unpaid leave. Around a third of millennials and Gen Zs (38%) that are included in the survey said their employment and income situation was not affected.
Stress and mental wellness among millennials and Gen Zs have been amplified by work and financial concerns, and remain critical issues that they are struggling with.
However, the study also reveals that 76% of millennials and 74% of Gen Z respondents feel the pandemic has brought new issues to the surface, making them more sympathetic to the needs of different people around the world.
For 75% of millennials and 73% of Gen Zs, it has made them more sympathetic toward the needs of other people in their local community. And for 74% of millennials and 73% of Gen Zs, they intend to take actions to have a positive impact on their community once government restrictions are lifted.
According to Deloitte’s Michele Parmelee: “despite uncertain and discouraging conditions, millennials and Gen Zs express impressive resiliency and a resolve to improve the world. As we rebuild our economies and society, young people will be critical in shaping the world that emerges.”
Deloitte also notes that the picture that emerges from the survey is both complicated but hopeful: even in the midst of a pandemic, millennials and Gen Zs remain recommitting to improving society, “pushing for a world in which businesses and governments mirror their own commitments,” said Deloitte in its news release.
In their view towards the business world, 51% of millennials said business is a force for good — down from 76% three years ago and 55% in 2019. In the “pulse” survey (the other part of Deloitte’s study), the figures decline further: 41% for millennials and 43% of Gen Zs said business is a force of good.
However, the report also indicates that employees are starting to better meet workers’ needs for the first time since asking the question four years ago. More millennials appear to be searching for stability — this, even before the pandemic — and plan to remain with their employer for five or more years — up from two years.
Parmelee said job loyalty will continue to grow as businesses address employee needs, from diversity and inclusion to sustainability and re-skilling. “For businesses, the message is clear — young people believe in companies with a purpose-driven strategy. These are the companies that will lead in the post-pandemic future,” said Parmelee.
The 2020 Deloitte study includes a “primary” survey of 18,426 millennials and Gen Zs across 43 countries, conducted between November 2019 and early January 2020. And a “pulse” survey of 9,102 people over 13 countries, conducted between April and May.
