Want to win Millennial and Gen Z dollars? It’s time for a sustainability strategy
Although chains such as CVS and Walgreens dominate the pharmacy landscape, the market remains highly competitive. There’s arguably more pressure than ever to cater to customer preferences to stand out. Millennials and Gen Z, therefore, present a giant opportunity in the healthcare industry.
These age groups account for the nation’s largest and most influential consumer segment. In fact, more than half of the U.S. population is now a member of the Millennial generation or younger.
Millennials cover birth years between 1981 and 1996, meaning they are aged between 26 to 42 today. Gen Zers, born between 1997 and 2010, are between 12 and 26 years old. (Generation Alpha includes everyone under 12.)
Adults under the age of 45 are more likely than not to cover personal health care expenses through private insurance plans or by paying out of pocket, according to recently updated federal data. Individuals in this age group, therefore, represent a greater source of revenue for pharmacies than seniors, who rely more often on Medicare.
Young shoppers want solutions. Sustainability is a big selling point for Millennial and Gen Z consumers.
Members of both generations are notably more likely than Gen Xers and Baby Boomers to express anxiety about the future when they engage with climate change content online, according to a 2021 Pew Research Center poll.
The same survey found that more than two-thirds of Millennials and Gen Zers say the climate should be a top priority to ensure a sustainable planet for future generations, even if it depletes resources for addressing other important problems.
Sustainability sells. Research shows that large majorities of young adults are willing and able to adopt more eco-friendly buying habits.
As early as 2018, 90% of Millennials reported they were willing to pay more for products that contain environmentally friendly or sustainable ingredients, compared to 60% of Baby Boomers.
Millennials were also more likely than Boomers to say they’d be willing to forgo a brand in order to buy greener products. They also found it much easier to find sustainable products in stores.
Gen Z consumers similarly indicate they would typically pay 10% more for sustainable products. Three in every four of these shoppers report that sustainability is more important to them than brand name when deciding which items to purchase.
An easy answer for pharmacies. The Phill Box®, a sustainable medication package developed by Parcel Health, aligns perfectly with the sustainability preferences of Millennials and Gen Z. Made from paperboard that has been certified by the Forest Stewardship Council, the Phill Box® offers a green alternative to plastic pill bottles, which usually cannot be recycled.
Not only does the Phill Box® enable you to reduce plastic waste, but it also creates a new branding opportunity. With custom-printed Phill Boxes®, pharmacies can demonstrate their commitment to sustainability on packaging that patients interact with daily, helping those pharmacies to attract and retain customers who prioritize the environment.
Give it a try — on us. Order a complimentary Phill Box® to test out our innovative design.
With the Phill Box®, you can differentiate your pharmacy from the competition while still meeting rigorous safety standards.
Designed with a three-step lock, the Phill Box® is undergoing third-party certification for child-resistance.
By contributing to a cleaner, greener planet, this novel product responds to growing consumer demand for sustainable products.