Tags: Millenials | products | US | retail

CNBC: Will Millennial Consumers Prioritize Patriotism Over Price?

By    |   Tuesday, 23 September 2014 03:02 PM

Many Millennials couldn't care less whether products are made in the USA if the price isn't right.

Only 43 percent of American consumers ages 18 to 34 said they will pay more for U.S.-made goods, compared with 64 percent of people older than 65, according to CNBC and Burson-Marsteller's Corporate Perception Indicator survey.

That younger Americans are less patriotic when shopping can be partly attributed to their finances, explained Don Rongione, CEO of American Made Matters, which tries to promote consumption of U.S.-made products.

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"Younger people who are just starting out — it's more of a financial burden for them [to buy American products]. But I think those that are more socially aware are more willing to do so," Rongione told CNBC.

Some are worried that Millennials may continue making purchases based on price advantages. But American Made Matters hopes to lure more young Americans to domestically made products by portraying the goods as the more socially responsible choice.

Edward Hertzman, publisher of Sourcing Journal Online, the largest trade journal devoted to the sourcing apparel and textile industry supply chain in the world, noted in his blog hat 95 percent to 97 percent of all apparel sold in U.S. retail is imported. As wages and regulations have mounted in China companies are seeking production in cheaper countries, often despite questionable working conditions.

In one day an American worker producing garments will earn what a Bangladeshi worker earns in two months or an Indian worker earns in roughly one month, Hertzman argued.

American Made Matters hopes to appeal to the conscience of young consumers emphasizing the advantages of a strong U.S. manufacturing sector and the stringent environmental and labor regulations the United States has relative to most emerging nations, CNBC noted.

Rongione claims the push to promote patriotic purchases is working and young people are starting to warm up to the idea of U.S.-made goods despite their financial constraints.

And supporters of American goods are not limiting their efforts to Millennials. American Made Movie, a film that emphasizes the positive impact of U.S. manufacturing jobs, is set to be shown in schools.

"Once they get educated, that young person will really understand the importance of buying here," says Mark Andol, who appears in the film and founded the Made in America Store.

"It's not just buying a product. From packaging to shipping, there are many people who are helped by buying American," he told CNBC.

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Many Millennials couldn't care less whether products are made in the USA if the price isn't right.
Millenials, products, US, retail
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2014-02-23
Tuesday, 23 September 2014 03:02 PM
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