Understanding the Millennials: The Rise of Young Adult Consumers in India
Amid an aging population, Millennials account for close to 50% of the base between Millennials, Gen Xers, and Boomers. Also, most well-established FMCG product categories in India have a major share of their market accounted for by Millennials. Given the fast-changing attitudes and behavior of the Millennials, they need specific understanding for FMCG brands to be profitable on the long run.
Draws from insights obtained through two waves of Annual Consumer Surveys conducted in India between 2010 and 2011. The report presents patterns in Millennials' media usage, socializing, and other lifestyle attributes, and distilling actionable insights from within The analysis is not only within the Millennials, but also presents key differences with respect to older generations such as Gen X-ers and Boomers. Relevant case studies and brand analyses in the report make for robust contextual understanding of successful efforts to connect with Millennials. The report presents tangible product areas and marketing communication opportunities, that FMCG firms need to use to connect with the Millennials.
Having grown up in a more liberal society, with diverse product categories, experiences, and avenues to express their thoughts, Millennials place a lot of importance on "brand me". While most brands try to build a strong connect with what the brand stands for, Millennials rate “individuality” and “being able to express oneself” as more important.
A key differential in the case of Millennials as compared to older consumers is the use of a variety of media in addition to word-of-mouth. Living in a world of collaborative intelligence, Millennials are conversant with not only traditional Indian know-how, but also best practices from across the world.
Calories consciousness extends to even eating at home, and is more pronounced than eating out. Compared to the previous generation, the Millennials are part of a ‘visual society’, where an increasing stress on appearance heavily dictates what constitutes the dietary regime.
What are the major factors from the external environment that are impacting the lifestyle and attitude of Millennials in India? How do Millennials perceive media and technology in today's context? How are they different from the previous generation? What factors fuel/inhibit Millennials' decisions when making food and drink, and personal care product choices? In the context of socializing, how do Millennials use their time online? What is the perception of the time and quality of interactions with friends? What are the key product areas/need-states/positioning routes that manufacturers or marketers need to focus on when targeting Indian Millennials?
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