HP Climate Study: It’s a Multi-Generational Concern
The Futurum Group Industry Analyst, Michael Diamond looks at HP’s Sustainable Impact Research and how ESG initiatives are key purchasing factors across generations.
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The News: HP recently released the results of its HP Sustainable Impact Research it conducted with Morning Consult, which revealed that 91% of parents are concerned about climate change. Read the press release for more information.
HP Climate Study: It’s a Multi-Generational Concern
Analyst Take: HP recently conducted a study in partnership with Morning Consult that revealed 91% of parents are concerned about climate change. Over half of the parents surveyed (53%) noted that climate change has impacted their perspective on having more children.
43% of respondents indicated that they would reconsider working for an organization based on its commitment to environmental and social issues. The survey also revealed that 64% of parents prefer products that are sustainably sourced, and 60% prioritize sustainable practices when making purchasing decisions. A fact that might surprise many is that the survey also revealed that, despite most parents (84%) being impacted by rising inflation, 57% are committed to eco-friendly products.
Generational Gaps: Influencing Investors
Organizations will continue to be pressured to take environmental, social, and governance (ESG) initiatives seriously and it is clear that Gen Z and Gen X consumers have ESG issues that are top-of-mind. In fact, 80% of Gen Z and almost 70% of Gen X consumers think their investment companies should pressure organizations to take environmental issues seriously. Thus, ESG action and transparency will continue to be critical.
HP’s Contributions to ESG
HP is highly committed to ESG and ensuring its products contribute to a circular economy. The company reduced its carbon footprint by 18% since 2019. It also reduced its reduced single-use plastic packaging by 55% compared to 2018. In fact, the company has also had more than 1 billion of its HP Ink cartridges returned to the HP Planet Partners recycling program. These are just a few areas where the company is making strides for ESG causes.
It is abundantly clear that ESG is on the minds of younger and older generations and companies must continue to take note, which is backed up by HP’s Sustainable Impact Research. Clearly, HP is committed to the cause as evidenced by its 18% reduced carbon footprint, 55% reduction in single-use plastic packaging (compared to 2018), and other initiatives such as hiring a more diverse workforce coupled with adding more sustainable materials to its products.
Disclosure: The Futurum Group is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.
Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of The Futurum Group as a whole.
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