As Millennials continue to increase their buying power, they also prefer to purchase products from brands that have sustainable manufacturing methods and ethical business standards. According to a Nielsen study, Generation Z is also willing to pay for products and services that come from companies who are committed to positive social and environmental impactâup from 55 percent in 2014 to 72 percent in 2015.
Beyond changing consumer demands, government regulations are dropping the hammer on major companiesâ business practices. In the UK, prime minister Theresa May announced that the government plans to eliminate plastic waste in the country by 2042.
Consumer packaged goods companies (CPG) and global fast food chains recognize that they need to take responsibility for the full lifecycle of packaging created and have used corporate social responsibility and sustainability initiatives.
