Indian Gen Z consumers aspire to buy homes, travel abroad
New Delhi: A majority of India’s Gen Z consumers aspire to become home owners, own a vehicle and realize the importance of savings to reach their goals, according to findings of a study by research firm Mintel. Mintel’s research suggests that 77% of Gen Z consumers—those between 18 to 26 years of age—aspire to become homeowners, 59% dream of buying a car and 55% expressed their desire to travel abroad. Over a third save from their pocket money and rely on parental support for spending.
“As Gen Z grapples with an uncertain future, they are resolute in their quest for financial self-reliance, demonstrating a keen interest in products that offer significant value for their investment. This demographic, many of whom are navigating transitional life stages and without a steady income yet, presents an opportunity for brands. The key to winning them over lies in providing cost-effective, innovative products, enhancing consumer engagement with fun deals and crafting unique experiences," said Saptarshi Banerjee, senior lifestyle research analyst, Mintel Reports India.
With Gen Z consumers understanding the necessity of saving for financial independence, 88% also believe it is necessary to get the best deal on every purchase. However, inflation is also a big worry for this consumer cohort. Earlier data from the Mintel Economic Tracker shows that 12% of Indians aged 18-24 described their financial situation as ‘tight.’ Mintel research suggests that Gen Z consumers will continue to prioritise value-based purchases to ensure sound personal finance.
Read more on livemint.com
