GEN â€˜Yâ€™ â€“ HIGH SPENDERS
Young Indians are taking center stage. A recent survey has shown that young Indians are now willing to spend. Out of the Gen Y, working full time, 34% spend some and save some of their income, 26% spend most of it and 23% save most of it. Of those who work part-time and/or receive pocket money, 37% spend it all and 30% spend most of it. Some 12% save most of it, while 5% save it all.
The survey showed an interesting pursuit. Over half of Indiaâ€™s youth (51%) agree that they are often one of the first to try a product or brand. Around 17% of these affluent youth own their own credit card. Some 69% of Indiaâ€™s youth pride themselves in being well-informed and up to date, the highest in the Asian region.
Despite their yearning for the luxurious things in life, around 45% of Indiaâ€™s young say they dance alone. The Synovate noted that young Asians support this loner theory. Perhaps singing to an imaginary audience in front of a mirror, 36% of young Asians happily claim that they dance alone. Though most activities occur with family or friends, young Asians say they are also comfortable with their own company. Around 36% engage in indoor sport on their own, 30% watch DVDs while alone and 15% have gone to see live theatre on their own.
High on the net
The average young Asian spends three hours messaging a day, one and half hours on emails and 1.4 hours participating in various online community activities. They access the internet 4.8 times a week; while two-thirds of young Asians aged 15-24 use bit daily. Some 50% of Asians across all ages access the internet on a daily basis.
MTV networks Asia-Pacificâ€™s study noted that it provides a great deal of critical benchmarking information that we see as the standard currency on youth lifestyles in the region.
Senior director, Yahoo Asia said: â€œAs the internet is now an inevitable part of the lives of Asiaâ€™s youth, advertisers need to communicate with them through fresh, new ways.
Itâ€™s key for marketers to further integrate online media as driving factors of their brand campaigns as more young Asians consider the internet indispensable for information and daily interactive with their peers.
Itâ€™s an eclectic mix. Generation Y characterized by its discriminating taste for luxury goods and big-ticket items is equally comfortable quaffing fine food and wine or dancing solo. For marketers, the bar has just been raised that much higher.