March 1st, 2015
Originally Published in Inside Packaging Magazine
If there is one thing that can be said about my generation, it is that we are diverse.
While we don’t easily fit into one category, there are many studies on our purchasing behaviors. For the purpose of this article, I am defining millennials as those currently between the ages of 18 and 34.
Coming of age during the recession has made an undeniable impact on millennials. We delay marriage, home buying, and children. Many of us racked up thousands of dollars in student loan debt before or during the recession. We are calculated in our spending and value the sharing economy. And since we are so diverse, take this article as a case study of one millennial’s thoughts. Results may vary.
As a recent Businessweek article put it, millennials value access and experience. We prefer products like Netflix and Spotify over owning DVDs and CDs. Our preferences are even creating policy debates over companies like Uber, a ride-sharing replacement for traditional taxis. When we do purchase goods, we are frugal, look for durable items, and make decisions after conducting online research.
How does this translate to packaging?
According to a recent Boston Consulting Group article, millennials want a two way relationship with brands. They call it the “reciprocity principle.” We help define the brand through our vocal support or criticism, and can influence the purchasing of those around us. While our expressions are done both online and offline, the internet is a powerful force in multiplying our impact. We also like to extend our values through our purchasing power, preferring companies that “do good,” including social and environmental responsibility.
One recent example is the success of Harry Potter fans and author J.K. Rowling in getting Warner Brothers to commit to 100% fair trade chocolate for all Harry Potter branded products.
In short, this brand of millennial likes information and finding companies with values that match our own. When we do find those companies, we are loyal and share their story.
Marketing is an opportunity to speak to our values and listen to our replies. Packaging can share a story, and other marketing efforts can connect the dots. These approaches can tell the story of the package, the product, or the package and product system.
A starting point is the Sustainable Packaging Coalition’s Definition of Sustainable Packaging. Does the package or product have recycled or renewable content? Does the company use renewable energy? Do they have an interesting human health or social benefit story? Is the package recyclable? Does a change in package do a better job of protecting the product? Does the company have a larger social benefit mission?
For example, How2Recycle, a project of the Sustainable Packaging Coalition, provides companies with clear and transparent recycling information. Our feedback survey consistently shows that consumers value the honesty, even if a package is not recyclable. They also like that companies are “doing the right thing.” We do not have data broken out by age group, but I believe this information would hold true for millennials as it is consistent with numerous studies.
I enjoy being part of the How2Recycle staff because I get to help brands create value through transparency and promoting recycling. We read each and every feedback survey and share those lessons with the brands we work with, who actively take it into account when making their packaging decisions.
Let me know what you think. You can find me on Twitter @PeacockDanielle.