Gen Z spending power set to hit $2 tn by 2035: Snap-BCG report

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Subscribe to enjoy similar stories. MUMBAI: India's Generation Z of 377 million people is rapidly redefining the consumer landscape with its growing economic power, a new report said. Snap Inc.’s latest report on people between born between 1997 and 2012, developed in partnership with Boston Consulting Group (BCG), said the category currently drives $860 billion in consumer spending—and this is projected to reach a staggering $2 trillion by 2035.

This spending surge will make every second rupee spent in India influenced by a Gen Z consumer. Pulkit Trivedi, managing director, India at Snap Inc., said this is the country’s first comprehensive report on Gen Z, providing data on the spending power and consumer behaviour of this growing section of population. The report lists Gen Z's values as authenticity, visual engagement and deep connections, and said these are reshaping brand messaging.

Trivedi highlighted the need for brands to adjust their strategies to engage with this digitally savvy, mobile-first generation. “Gen Z is shaping high-value purchasing decisions, even influencing major household purchases like automobiles and tech products," he told Mint. Unlike the previous generation of millennials, who witnessed the growth of the internet, Gen Z has grown up as digital natives, living in a mobile-first world, and their relationship with technology informs their expectations from brands.