The key factors driving today’s generation is digital, appetite for credit and budgeting, saving and spending
Young Indians, popularly called ‘Millennials’ and ‘Gen Z’ believe in budgeting and setting goals for themselves in the short term and long term, as well as itching for their own financial freedom, be able to make decisions themselves, with a drive to be ‘owners’, a report by slice, in collaboration with Nielsen stated. The study segments this consumer by their mindsets and deep-dives into how they approach money, spending and usage of products in this category – specifically credit cards. The key factors driving today’s generation are digital, appetite for credit and budgeting, saving and spending.
With an average age of 29, today India is one of the youngest countries in the world. More than 62% of the population is in the working-age group and more than 54% of the total population is below 25 years of age.
According to the report, young Indians believe in learning new things – whether it’s academic, languages or a skill – by proactively seeking out short term courses that they can undertake along with their current lifestyle. Skills are centered around self-improvement and development rather than a mere check mark. Moreover, work and financial stress are the most common anxiety points- deadlines and performance-related anxieties, not being able to save or earn more to have a lifestyle they desire. Something unique to this generation, they feel the impact of issues that are beyond their control – environment, climate change, world peace.
The report also stated that these consumers are more likely to look through multiple options and choose what they consider best irrespective of brand. In fact, they place more importance on the experience and the convenience of their purchase journey, beyond just the quality of the product or service. They also display a strong tendency to use their smartphones for content consumption as well as social interactions. Content is largely consumed on social media, entertainment (OTT) – YouTube, Netflix, Amazon Prime, Instagram, Facebook, Snapchat.
Both Millennials and Gen Z spend hours a day in front of a screen but are far less likely to spend extended time periods on a single site. Due to early exposure to a vast variety of options, they have short attention spans, and switch attention easily. Further, purchasing goods online is left on the youngsters by parents due to their greater familiarity with e-commerce sites and apps. They have influence on decisions regarding purchase of electronic goods – mobile phones, TVs and computers – as well as the mode of payment, the report stated.
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