Gen Z consumers bring in the moolah for many cos
Gen Z consumers, or those between 15-26 years, are driving the fastest growth not only for categories such as fashion, sneakers, smartwatches and wearable devices, but also light spirits including seltzers, ale and gins, executives said. «We have seen a demand uptick of over 105% year-on-year in the first half of the year (January-June 2023) in the Gen Z fashion segment,» a spokesperson for fashion platform Myntra, which has over 8.6 million Gen Z consumers, said.
«We have witnessed over 550% increase in search keywords like „hot pink“ and „Barbie.“ Social media and OTT platforms wield significant influence over Gen Z consumers,» she said. Rival Amazon Fashion launched a next-gen store this April with 200-plus fashion brands, which it said was catering to «the first generation of Gen Z digital natives, as those born in the mid-90s and early 2000s are taking over as the powerful youth force.» Calling India «a key driving force for spirits consumption» with its young population, Mike Southgate, director, developing markets, at UK's premium spirits maker Whyte & Mackay said: «If you look at the Gen-Z consumer in India, it is being driven by the fact that the legal drinking age in many Indian markets is lower than many bigger markets in US or China.» There are more than 116 million Gen Z consumers in India, Market Research Society of India's (MRSI) said in a webinar in June 2023, citing data by research firm Kantar.
«This population is high on individualism, low on regrets, and more self-appreciating. They are also known to give significantly higher importance to their personal appearance, as compared to other age cohorts,» MRSI said.
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