Retailers need to have an environmental plan if they hope to attract young Aussie consumers, according to a new report from Mastercard that reveals a growing trend toward eco-conscious spending and consumption.
Reducing carbon footprint is now more important for 57 per cent of Australians surveyed, with 61 per cent believing companies need to adopt more sustainable and eco-friendly practices.
According to Mastercard, the research is a nudge to organisations to implement sustainability initiatives because customers will shop with this in mind.
“The research suggests that consumers are increasingly expecting organisations to promote sustainable initiatives. Australian businesses must take action to reflect these expectations if they hope to continue to engage with these consumers,” Mastercard’s Australasian division president, Richard Wormald, said.
The reality is that nearly one third (26 per cent) of young Australians plan to stop buying products from retailers that fail to step up and take sustainability actions.
The research also reiterates the reliance we all have on digital tools for connection and communication, with 66 per cent of those surveyed observing climate change issues being discussed across social media.
So, is a sustainability plan an integral part of the franchise businessyou are considering?
If you’re not quizzing franchisors on this yet, add it to your list of essential questions to ask in your due diligence process, it’s going to become increasingly important to consumers.
On the food front, McDonald’s unveiled its sustainability flagship store in Victoria at the beginning of 2021 – a store that operates entirely on renewable energy generated on site.
There are myriad innovations included in this, the 1000th Aussie Macca’s outlet, as the fast food chain looks to extend sustainability improvements in its new-build restaurants.
Convenience chain 7-Eleven and cafe chain Muffin Break have both been adopting sustainability practices in a variety of ways for a number of years, including recycling coffee cups.
This story first appeared on our sister publication Inside Franchise Business