Gen Y Wants to Save the Environment, but Wants "pocket Money"

The youth of today, dubbed 'Generation Y', is all geared up for saving the environment, but only if it comes with an economic benefit, a new research has found.

Based on a scientific survey of 18- to 30-year-olds, researchers from MSU's (Michigan State University's) Eli Broad Graduate School of Management found that young consumers will not pay a premium price for an automobile simply because it is environmentally friendly.

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Instead, the determining factor - by far - is fuel efficiency.

According to Clay Voorhees, MSU assistant professor of marketing and lead faculty researcher on the project, the findings indicate an eco-savvy generation that has grown up and is coming to grips with the economic reality of paying bills.

"Generation Y is aging, and the stereotypical assumption that they are a spoiled generation of pierced, tattooed outcasts couldn't be further from the truth," Voorhees said.

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"They're maturing into a pragmatic generation that wants to do the right thing for the environment but also has real economic concerns," he added.

MSU and Deloitte, a New York-based marketing and accounting firm, teamed to study the attitudes toward the auto industry of Gen Y.

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MSU also launched an in-depth investigation into Gen Y's view of sustainability as it relates to the industry.

According to the sustainability study, young consumers will pay only 1,500 dollars extra for a 20,000 dollars automobile simply because it is a hybrid and considered environmentally friendly.

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But those same consumers will pay an additional 8,000 dollars for a vehicle that gets 15 extra miles per gallon - regardless of whether it's a hybrid or not.

"It's all about economic motivation," Voorhees said. "While people want to do the right thing - they want to save the world, particularly Gen Y - they need an extra incentive on top of the motivation of owning a car that produces less emissions," he added.

Source-ANI
TRI