Mumbai/New Delhi: Are Indian millennials the cause of the ongoing slowdown? Or are they its victims? Has the slowdown hit their spending plans, or do they continue to remain optimistic about the future?
To find answers, the third round of the YouGov-Mint Millennial Survey asked millennials about their spending patterns, savings, investments, debt, and their outlook.
The online survey of 9,324 respondents, spread across 180 towns and cities, shows that most of India’s digital natives remain optimistic about the future. Rather than being the cause of the slowdown, millennials will likely be the saviours of the economy, as they are far more likely to go for high-value purchases (such as cars and apartments) compared to either pre-millennials or post-millennials.
The successive rounds of the YouGov-Mint Millennial Survey have aimed to study the choices and outlook of an important demographic group in one of the world’s youngest economies. Millennials are those born between 1981 and 1996 (aged 23-38 years now), attaining adulthood in the early 21st century. Together, millennials and post-millennial adults (aged 22 years or below) account for roughly half of India’s adult population.
The latest survey, conducted between mid-September and mid-October, shows that millennials are more likely to take loans to finance both high-value and lower-value purchases. Although millennials are more indebted compared to other age-cohorts, the levels of indebtedness do not appear alarming.
A plurality of respondents covered in the latest survey remains optimistic about their financial future. But among the youngest cohort (post-millennials), the levels of financial optimism are relatively lower, and the levels of uncertainty about the future are higher. These and other insights from the survey will feature in a five-part data journalism series to be published in Mint starting today.