Changing values of millennials and centennials towards responsible consumption and sustainable society

Purpose The individual’s set of values determines how they make decisions and navigate various personal and professional issues. This study aims to investigate the substitutability of self-improvement values for self-transcendence values in fostering responsible consumption behaviors in society, using Schwartz’s Basic Human Values as the theoretical foundation. Design/methodology/approach Focus group discussions are used to investigate the research problem. Representative samples of 100 centennials or Generation Z college students (50 undergraduate and 50 postgraduate students) and 45 millennials or Generation Y working employees were chosen for focus group talks to ensure the findings’ correctness. Using thematic analysis, the information gathered was coded and analyzed manually. Findings The paper looks into whether people’s self-transcendence values play a role in getting them to act responsibly when they buy things. This study gives us much new information about how people’s values change and how people buy things in today’s world. Research limitations/implications This study explains how changing values make people want to be more responsible with their money and adds to the literature on sustainable consumption and consumer behavior. Using the lens of Schwartz’s Basic Human Values, this study extends the theoretical domain of responsible consumption. Originality/value The concept of sustainable consumption is essential for the next generation’s well-being. The sustainable development goal (SDG) 12 of responsible consumption is the focus of this study. This is a novel study to examine and understand factors that can facilitate consumers to consume responsibly to attain the SDGs. This is also one of the first studies on responsible consumption, using focus group discussions as the research methodology.