Over half of South Korean young people would pay more for products created by ethical businesses. A survey of 380 South Korean Millennials conducted by the Korea Chamber of Commerce last month found that 65% of respondents say they would buy products manufactured by ethical businesses even if they’re more expensive, while 64.5% say they would choose products from businesses that uphold environmental, social, and governance (ESG) values over price. Transparent and ethical management is the No. 1 ESG value South Korean Millennials believe businesses should uphold the most, followed by job creation and environmental protection. Additionally, Samsung and Hyundai Motor are among the top ESG-conscious companies mentioned by respondents. Young consumers are only becoming more cognizant of a company’s Corporate Social Responsibility (CSR) measures, and it’s important to understand what young people expect from brands in order to create authentic relationships with them. (Asia News Network)
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