The way India’s millennials spend.
MUMBAI/NEW DELHI: Millennials have been the favourite explanation supporting the demise of phenomena and several business models. Over the past couple of decades, millennials are blamed for killing pretty much everything — in the 9-to-5 regular to restaurant chains into the petroleum market. In a funny take on the’rampaging’ millennials, a current interactive from the American information visualization site pudding.cool listed thousands of things or phenomena millennials have supposedly killed.
However, at least in India, millennials stay the key drivers of consumer markets and contrary to perceptions, they are quite interested in buying cars and apartments, data in the third and latest round of their YouGov-Mint Millennial Survey show.
The poll conducted between mid-September and mid-October demonstrates that millennials are much more likely to purchase high-value assets such as apartments or automobiles compared to either pre-millennials or post-millennials in the coming year. If it comes to two-wheelers, post-millennials edge out millennials.
Millennials refer to people who have attained maturity in the early twenty first century, and grew up in a time when the world increasingly became digitally connected. Those born after 1996 (aged 22 decades or under ) are known as the post-millennials or Gen Z. The remainder have been classified as pre-millennials. Collectively, post-millennials and millennials account for approximately half of India’s adult population.
Millennials are also more likely to buy consumer durables like TV sets or grills compared to other cohorts.
Pre-millennials one of urban on line Indians are usually more economical than millennials but are very likely to have purchased many of these things. That perhaps explains the gap between millennials and pre-millennials in regards to buying intention during the following year.
The third round of the YouGov-Mint Millennial research was conducted online and solicited the views of 9,324 respondents across 180 towns and cities. The YouGov-Mint Millennial Surveys aim to analyze the outlook and attitudes of India’s digital natives.
Among millennials, it is the richer lot who are more inclined to create high-value purchases or buy consumer durables. Richer millennials and those belonging to richer families. The gap in paying intention across income classes is especially stark when it comes to cars. Even among post-millennials, the richer lot are very likely to spend more, the information indicates. Unsurprisingly, the financially secure respondents are more inclined to spend more in contrast to the financially insecure. Here, those who are not sure of their fiscal position or anticipate it to deteriorate in the coming years are classified as financially insecure. People who anticipate their financial position to improve or stay the same happen to be classified as financially protected.