Millennials in Rural India could influence $220 billion worth of annual spending, with $177 of this being discretionary
Migration to urban areas and deeper internet penetration are fueling aspirations of rural millennials in India
New Delhi:Millennials in rural India could influence $220 billion worth of annual spending, with over $177 billion of this in discretionary expenditure, as migration to urban areas and the internet fuel their aspirations, according to researcher Kantar IMRB and Dialogue Factory.
According to IMRB, search for better employment, spending on better education for their children, ownership of land, and government jobs continue to be the driving values among these households. “Monetary concerns rule and education is a key route to changing their status," notes the research paper.
According to the research, while 73% of Gen Z (those aged below 15) live in rural India, only 67% of millennials continue to stay there.
“If we look at the distribution of Millennials vs Gen Z, we find a distinct pattern pointing to migration of millennials from rural India perhaps in search of employment. Clearly, the desire to improve their economic status is a key driver for rural millennials regardless of personal costs such as staying away from their children. This is true for both male and female milliennials," it adds.
“The trend of migration has accelerated with the millennials; it was there earlier, but there is a higher instance of migration in rural millennials," said Puneet Avasthi, senior executive director of Kantar IMRB.
Mumbai-based consumer goods firm Godrej Consumer Products Ltd, the maker of Cinthol soaps, has been studying the rural millennial population closely. “The way some millennials in rural India are emerging as trendsetters who are displaying the ability to access, absorb and store information—that’s in the way they are linked to the new world, which is emerging thanks to increased mobility," said Sunil Kataria, chief executive officer of India and SAARC at Godrej Consumer.