BackIndian Gen Z consumers aspire to buy homes, travel abroad
77% of Gen Z consumers aspire to become homeowners, 59% dream of buying a car and 55% expressed their desire to travel abroad
PremiumNew 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. “Gen Z consumers regard affordability and value as paramount. According to Mintel Trend International Spending, consumers seek innovative solutions and brands while maintaining their living standards," said Banerjee.
Meanwhile, 64% of Gen Z consumers surveyed by Mintel regard information derived from social media or the internet as “authentic"; 63% prefer online shopping to in-store. Moreover, 69% believe that next-gen technologies like virtual reality or metaverse represent the future of social media.
In terms of socializing, 68% of Gen Z consumers prefer making and interacting with new friends online rather than offline.
“As awareness grows about the potential harm social media can have on mental health, backed by various research, brands have an opportunity to create and promote initiatives that help these young consumers navigate the digital landscape safely and responsibly," Banerjee said.
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