In this first edition of our ‘Getting to know you’ series – aimed at enhancing understanding of important and growing multicultural demographic audiences, MCX PR & Social Media Manager Katrina Hall looks at the largest millennial population in the world – the Indian Millennial.
With an estimated 830 million millennials and Gen Z’ers in India, this important and emerging demographic constitutes the world’s largest youth market. Looking at millennials alone – In India there are an estimated 440 million with the group making up just over one third (the majority) of the country’s total population.
And with India growing at such a phenomenal, breakneck speed – both in terms of population size and economic power – there is a great opportunity presenting itself for brands to engage with this audience. So, let’s look at some of the key characteristics of the Indian Millennial.
1. They are optimistic
The first and rather surprising characteristic the research shows is Indian millennials’ overwhelming optimism. Studies show around 84 per cent of Indian millennials expect to be happier than their parents and just under a third expect social and political situations to get better in the next year.
2. They are hardworking and upwardly mobile
Indian millennials are key household wage earners with their salaries accounting for 7 in 10 rupees of the household income. This makes them a critical target for consumer companies and retailers looking to tap into their spending power. This audience also appear very keen to work hard, with an estimated 70 percent feeling confident of their work skills and confident that employers will help prepare them for work.
3. They are smart and connected
With education traditionally being a strong focus for Indian audiences, Indian millennials parents have ensured that this generation is better educated than ever before. India is benefitting from a digital and online boom and as such this audience is better connected to information and to the world than ever before. Indeed, Millennials are digital natives, and highly skilled at seeking information online including product reviews, price comparisons and so on. And they are well connected on their phones too – research indicates that almost all millennials own a smartphone with nearly 84 per cent 3G/4G penetration.
1.Millennials, sometimes also called Generation Y, are aged 18-35 years.
2.Gen Z is the demographic immediately after millennials – generally born between 1995 and 2014.
3.India’s GDP ranked 7th globally this year, at USD 2,848 bn – up from 12th position in 200 at USD 1,224 bn.
4. They are savvy consumers and their needs are different to their parents’
As mentioned in the third section, Indian millennials are well educated and highly connected via their smartphones so as such, they are extremely savvy consumers. Variety-seeking is a characteristic trait and hallmark of their buying decisions.
They are brand conscious, value-driven and place greater emphasis on health and wellness than previous generations. In fact, research shows that more than one third of Indian millennials have a fitness app installed on their phones and almost half think leading a healthy life is a priority. Personalisation and convenience are also highly important to this generation.
5. But they don’t mind spending when it counts.
Research shows that Indian millennials have a greater tendency to spend their money on non-essential and luxurious items – especially as their incomes increase. Consumer-oriented products and services including food, entertainment, clothing and health care are particularly well placed to benefit from this large and growing demographic’s spending power. The beauty industry is booming due to the spending of this audiences – particularly in personal grooming.
For further information and advice on targeting Indian millennials in your next campaign, contact MultiConnexions today.