Millennials redefining consumer story in India

The contribution of millennials is particularly noteworthy to the Indian consumer segment, says a Retailers Association of India (RAI)-Deloitte report titled “Trendsetting Millennials: Redefining the Consumer Story”. The population cohort represents nearly 34 per cent of the Indian population and unlike other developed countries, this generation is amongst the chief wage earners in the household. As one of the youngest countries globally, India has become one of the major flag bearers of development. Millennials spend most of the amount on monthly essentials followed by education and spending on utilities. Savings account for 10 per cent of the overall or any incremental income, indicting a shift toward consumption economy rather than a savings economy—a predominant feature of the preceding demographic cohort (Gen X, born between mid-1960s and early 1980s). Research indicates 36 per cent of Indian millennials have a fitness app installed on their phones and about 45 per cent think leading a healthy life is essential. Second, convenience is an important consideration for millennials on account of their hectic lifestyle and hence the “ready to eat” product category has grown exponentially at the rate of over 28 per cent per annum. over the last five years. Also, brands that clearly define the source of their materials or establish work done for a specific cause/movement tend to strike a chord with current and prospective customers. Millennials also aim at differentiating themselves from the rest of the crowd and in lieu of the same, prefer personalised product and service categories.