Understanding the Millennials: The Rise of Young Adult Consumers in India
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Also, most well-established FMCG product categories in India have a major share of their market accounted for by Millennials. Given the fast-changing attitudes and behavior of the Millennials, they need specific understanding for FMCG brands to be profitable on the long run. Features and benefitsDraws from insights obtained through two waves of Annual Consumer Surveys conducted in India between and The report presents patterns in Millennials' media usage, socializing, and other lifestyle attributes, and distilling actionable insights from withinThe analysis is not only within the Millennials, but also presents key differences with respect to older generations such as Gen X-ers and Boomers.
Relevant case studies and brand analyses in the report make for robust contextual understanding of successful efforts to connect with Millennials. The report presents tangible product areas and marketing communication opportunities, that FMCG firms need to use to connect with the Millennials. HighlightsHaving grown up in a more liberal society, with diverse product categories, experiences, and avenues to express their thoughts, Millennials place a lot of importance on "brand me".
A key differential in the case of Millennials as compared to older consumers is the use of a variety of media in addition to word-of-mouth. Living in a world of collaborative intelligence, Millennials are conversant with not only traditional Indian know-how, but also best practices from across the world.
Calories consciousness extends to even eating at home, and is more pronounced than eating out. Your key questions answeredWhat are the major factors from the external environment that are impacting the lifestyle and attitude of Millennials in India? How do Millennials perceive media and technology in today's context? How are they different from the previous generation?
In the context of socializing, how do Millennials use their time online? For businesses, millennials are a highly sought-after consumer group. And for politicians, millennials, many of whom are first-time voters, could be a key voter base. Among the 5, respondents in the YouGov-Mint survey, 2, were millennials with 1, younger millennials , 1, were from the Gen-Z born after and the rest 1, belonged to the older Gen-X.
Faith increasing with age is in line with global trends. According to Pew Research, a US non-profit research organization, religiosity declines through young adulthood before increasing again in later adulthood.
Another theory suggests economics could be a factor: early adults are too busy trying to make money to worry about faith. All this suggests that the slightly lower levels of religiosity among younger adults could merely be a rite of passage for young adults before they turn religious again. Another important determinant of faith is gender. A commonly held perception about religion is that religiosity changes with wealth.
Consumers of all generations buy online, in store and on marketplaces, from legacy retailers and independent brands alike. One consequence of this — albeit a happy one — is that cash flows in from different sources and different devices. That understanding has been crucial to the development of Square for click-and-mortar businesses, including its POS integration with BigCommerce.
This information only tells you what the customer is doing. And requests for solutions will almost always be disappointing for companies that are trying to innovate. According to Harvard Business Review :. What customer, for example, would have asked for the microwave oven, Velcro or Post-It Notes? At the time the transistor was being developed, radio and television manufacturers were still requesting improved vacuum tubes. We offer these survey results as important data in furthering the understanding of the modern consumer, which can then be used to distill the omni-channel customer experience down to recognizable touchpoints.
Providing this experience permeates every aspect of your organization, from inventory management to multi-channel marketing campaigns. What innovations occur next is up to the retailers. Here is how the pendulum is beginning to swing as Millennials take prime adult stage and Gen Z reaches college. Gen Z spends 2X-3X more shopping on social channels than the average consumer, with Instagram and Snapchat shopping taking the lead.
Millennial Moms: Who They Are & What They Care About
Gen X skews toward a Facebook shopping preference. There is a very diverse split in how different generations view shopping today, both offline and online. I have found that with the older side of the millennial group, people are still far more fond of traditional brick and mortar shopping. Conversely, the younger part of the same group would almost always choose to shop online instead.
Youth marketing - Wikipedia
Above the millennial demographic, I have found that shoppers prize convenience over everything else — the ability to not only shop and have the product delivered, but also have a convenient ongoing relationship with their favorite brands such as when a store knows that a repeat shopper returns every few months to refill a previous purchase.
It simply shows up at their door, the same time every month or few months. The top three buying destinations for consumers are Amazon , branded ecommerce websites and brick-and-mortar stores. Convenience, price, and free shipping were the top 3 reasons U.
Brand reputation and loyalty rewards were close 4th and 5th reasons. Millennials have grown accustomed to speed, convenience and a personalized online experience. However, Gen Z has never known shopping without these. Convenience and price were the top two reasons U. Ease of shipping was the third most cited reason, though convenience and price ranked at least 2X higher as a reason for shopping on Amazon for all U.
Surprisingly, younger generations report shopping on Amazon only for Prime Day in higher numbers though the percentages remain small. The biggest generational consumer shopping difference I see is that younger demographics are more inclined to shop and purchase on mobile. The ability to touch or try on an item before purchase is the 1 reason U. Gen Z and Millennials both also cite price as a large reason for shopping in-store. And Gen Z, Millennials and Gen X all cite speed and convenience as important factors for shopping in-store.
The Millennial Consumer
Historically, not being able to try an item before buying it has been a big impediment to online shopping. In addition, entering detailed shipping and payment information has long ranked high as one of the most annoying aspects of online shopping. As Gen Z matures, we see product wait time and shipping costs as the main impediments to a happy online shopping experience.
Site security concerns are top of mind most for Gen Z 9. In the regions we service larger metro areas , we see younger consumers being averse to any shopping behavior that puts a burden on their time. Older consumers seem more willing and comfortable using digital channels for research and information gathering that leads to an in person purchase through a pop up, branded retail store, or retailer. Credit cards still reign as the primary payment method for larger online purchases.
However, when breaking down payment options by generation, we see mobile wallets taking off for younger generations. Here is how it breaks down:. The ways in which each generation leverages mobile when shopping is the most interesting difference across demographics. Younger demographics seem to have little or no fear around the idea of buying from a new brand using Venmo or Square Cash. Older generations on the other-hand are still looking for a more traditional and secure experience when buying. The following data makes clear why.
First things first: What is the definition of a millennial mother?
Gen Z is increasingly ready to use financing options buy now, pay later. Younger consumers expect to be able to pay in interest free installments or post-delivery via services like Klarna and use things like Apple Pay or Android Pay when on mobile for added convenience. The data on this one is nearly flipped for Gen Z and Millennials —— and their Baby Boomer counterparts.
Only I think the biggest shift in consumer expectations over the last year or two is around things like integrated stock visibility, returns and overall fulfilment — with larger multi-channel retailers creating an expectation and setting a precedent. This same expectation applies to things like multi-channel loyalty and gift card usage, as well — which also represents an opportunity for brands to increase loyalty via a positive, integrated experience and lifetime spend via upsells and physically showcasing additional items.
The data on this one seems to indicate that Gen Z and Millennials are more price sensitive and perhaps better bargain hunters than Gen X or Baby Boomers. Here is how finding a more affordable product somewhere else came in to the equation when returning a product online:. In addition, Gen Z and Millennials are 2X more likely to return an item because it arrived too late and they ultimately had to buy something else in-store. Here is how this one broke out:.
How long fulfillment takes, how smooth shipping was, the feeling when the consumer opens the box, how you deal with returns — all of that is part of the buyer journey and leads to repeat purchases and word of mouth if done well. The vast majority of online purchase returns will be sent back via mail, however returning items to a brick-and-mortar or to an Amazon drop off location are quickly rising options across all generations.
Nearly 2X more Gen Zers Buyers care about the entire shopping experience, so make sure to focus on more than just price. Things like convenience, selection, shipping times, return policies, all have an impact on the buyer. Now that it is as easy as the click of the button for a buyer to jump from one site to another, brands need to make sure that they are offering the full package.
With a retail store, you will see older and younger customers browse online and come into a retail store to touch, feel and purchase depending upon the product. Our merchants see not only an increase in online sales but also an increase in offline retail sales due to customers looking at the site before coming into retail shop.
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It actually drives in-store shopping even if they do not purchase online.