- Gen Z makes up 26% of the country's total population, but accounts for 43% of total spending.
Gen Z i.e. youth aged 14 to 28 years are playing the biggest role in boosting the country's economy. 37.7 crore Gen Zs account for 26% of the country's estimated population of 145 crore. But their share in total consumer spending has reached 43%.
According to a report by Boston Consulting Group (BCG) and Snapchat's parent company Snap Inc, the total consumer spending of Indians this year is estimated at Rs.168 lakh crore. In which Gen Z's share is 72.26 lakh crore. The spending trend of this younger generation shows that by the year 2035, the total spending of Gen Z alone will reach approximately Rs.168 lakh crore (51%), while the expenditure of all Indians will be approximately Rs.328 lakh crore. That means Gen Z spending will more than double to 132% over the next 10 years. Snap Inc MD (India) Pulkit Trivedi said “India is a country of youth. Gen Z will be the most important contributor to India's consumption growth till 2035. Its direct expenditure will exceed Rs.151 lakh crore. According to the report, the biggest reason for Gen Z spending to increase in India next year is that they are increasingly becoming part of the workforce. One in every four Indian Gen Zs is already in the workforce. By 2025, every second Gen Z youth will join the workforce. It is this young generation that is boosting the Indian economy.
Gen Z's pattern of expressing emotions is also different. Almost 80% of Gen Z depend on images, GIFs to express their feelings and connect with circles. They share their shopping experience with their friends through photos and video calls.
Spend 1.5 times more than Millennials Gen Z's shopping patterns in the country show that they are spending 1.5 times more than Millennials (28-43 year olds). Out of the Rs 72.26 lakh crore spent by Gen Z so far, approximately Rs 17 lakh crore has been directly spent by him. Gen Z's lifestyle has changed since the coronavirus pandemic, which will make this possible.
Indian youth not loyal to brands
- The Gen Z segment of the country does not show brand loyalty
- The younger generation always prefers shopping by trading the trends
- 72% of youth follow social creators for new trends
- Trust the influencer channel for shopping decisions
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
