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Business News/ Industry / Retail/  Young Indian consumers want to live in the moment, says survey
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Young Indian consumers want to live in the moment, says survey

Gen-Z's growing market influence is evident as they increasingly engage in online shopping, expanding brand exposure.

India's Gen-Z population, estimated at 116 million, represents a significant segment of urban consumers aged 15 to 55. (Photo: Mint)Premium
India's Gen-Z population, estimated at 116 million, represents a significant segment of urban consumers aged 15 to 55. (Photo: Mint)

New Delhi: Amid economic uncertainty, half of Indian consumers are prioritizing living in the present over financial prudence, as per a Mintel report released on Thursday.

The study highlighted that 50% of Indian shoppers are choosing to enjoy life now rather than focus on long-term financial planning, with Gen-Z urban males (68%) leading the trend in indulgence, particularly in clothing and accessories.

The research indicates a shift in spending habits across different demographics. Those over 45 are increasingly spending on health and wellness, while women from smaller cities are dedicating a larger portion of their budget to beauty and personal care.

Gen-Z's growing market influence is evident as they increasingly engage in online shopping, expanding their brand exposure. 

“Consumers are seeking relief from ongoing stress amid rising prices due to global inflation…They are looking for affordable indulgences that can bring comfort and solace without being too hard on their wallet," Saptarshi Banerjee, senior lifestyle analyst, Mintel India.

India's Gen-Z population, estimated at 116 million, represents a significant segment of urban consumers aged 15 to 55. They are characterized by heightened individualism and a tendency to appreciate themselves more than other groups, according to Mintel.

However, inflation may prompt these consumers to adopt more frugal habits in the near future, with many (68%) planning to reduce spending on fashion items over the next year, in contrast to dining and grooming expenses.

Banerjee noted that as the fast fashion industry faces heightened scrutiny over sustainability concerns, apparel and accessory brands may find more success by emphasizing durability and reusability. “Sustainability can effectively resonate with even price-conscious shoppers when it is coupled with cost savings."

He pointed out the opportunity for fashion brands to capitalize on the increase in spending among younger city dwellers by expanding their online presence, catering to the aspirational and affluent shoppers in the lower-tier cities through e-commerce platforms.

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ABOUT THE AUTHOR
Suneera Tandon
Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
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Published: 23 Nov 2023, 05:26 PM IST
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