The millennial generation cover the current people who range in age from 35-15. This select bracket of citizens, and consumers are set to spend around $200 billion per year starting in 2017. What makes this generation and their buying habits so interesting is their dedication to philanthropic trends. Millennials are strong believers that businesses have the power to do great things for the world, but they’re not doing enough.
In recent years we have seen an increase in openly supporting charitable causes and foundations by big business profiles and regular Joes alike. This trend shift is beginning to move away from just donating to charities. With the emergence of activist companies like Toms Shoes, consumers have learned that their everyday purchases can help others in need. Activist business’ like Toms are a draw for those who want to feel great about buying a pair shoes, knowing that a pair will be donated to someone who cannot afford them.
Such success has tempted many to enter the niche of activism tied into their core offerings. This corner of any industry can be a rocky road although, taking Toms story into consideration. Much criticism has come to Toms doors as they are donating many shoes a year in a one to one fashion with each sale. Many say that their mass donations have hurt cobblers in less developed towns.
What Toms did in the face of this criticism was rethink their strategy of philanthropy, moving from helping solve a problem derived from an issue to trying to fix the issue. The company now includes a birth kit to help with baby delivery with every bag they donate along with money to help provide clean water when it sells a bag of coffee. Staying true to its core values, they still donate shoes but try to source materials from local markets when possible.
This is a tale of how a great cause can continue to make a positive impact on others lives, even in the face of harsh backlash. Toms entered the market to do good, and when it realized it was doing harm, they adjusted their strategy to continue to do good. That is what philanthropy is all about.
To read the original article, click here.