Today, India is home to the world’s largest youth population. 600 million are below the age of 30, which is almost half of the country’s population. Of India’s 1.3 billion people, 27 percent is below the age of 24 years. These ‘millennials’ and ‘genZ’ are the socio-economic fabric of our nation and the future. With increasing internet and smartphone penetration, this digital native generation has brand new expectations and demands. Decoding what they want, their dreams, aspirations and beliefs will be the key to serving this population for all industries and sectors alike.
Deeper Understanding of genZ and millennial consumer
The study decodes some of the key traits that differentiate them from the older generation. Yes, they believe in ‘YOLO’, but with responsibility. They have clear financial goals and realise the value of upskilling. Despite having opportunities and freedom like never before, they live with constant anxiety. And much more.
Their Perspective on Money & Finance
These young adults have money to spend, and their early life stage indicates that this is just the beginning of their ‘spending power’. They prefer to start early to make money, earn their financial independence by being less & less dependent on family money. Their attitude towards personal finance management is a blend of technology and legacy. The study further deep-dives into how brands and solutions can win their loyalty and keep them engaged.
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. Are you a lifestyle seeker, value maximiser or a control seeker? Tell us in the comments.
Credit Cards perception & usage
While some of the identified mindsets have largely positive associations with credit cards, some view it as a liability and associate it with debt and trouble. The study provides some unique insight into their triggers, experiences and expectations.
Deep-dive into the minds of young Indians and understand their attitude towards buying, spending and saving. Download the report now