Hold onto your wallets, because India’s Gen Z is ready to shake up the economy! With a booming population of 377 million, this dynamic cohort is expected to contribute a staggering $1.8 trillion in direct spending by 2035, according to a new report by Snap Inc. and Boston Consulting Group (BCG). 🌟
🔍 The Spending Power Surge
- 2025 Predictions: By 2025, Gen Z’s direct spending will hit $250 billion, with every second Gen Z earning their own cash. 💸
- Current Stats: Their collective spending power has already soared to $860 billion, projected to double to $2 trillion by 2035!
💡 Why Does This Matter?
“India is a young nation with a 377 million Gen Z population which will shape the future of India’s growth in the next two decades,” said Pulkit Trivedi, Managing Director of Snap Inc. This cohort is not just crucial for economic growth; they are also the driving force behind diverse consumer behaviors across multiple sectors.
📈 Gen Z’s Influence on Spending
- 43% of India’s consumer spending is already influenced by Gen Z, impacting key categories like:
- 50% on footwear 👟
- 48% on dining 🍽️
- 48% on out-of-home entertainment 🎬
- 47% on fashion and lifestyle 👗
🤔 The Opportunity for Brands
While 45% of businesses recognize Gen Z’s potential, only 15% actively engage with them. This gap presents a huge opportunity for brands to tap into the Gen Z market, especially as they’re known for researching their purchases 1.5 times more than millennials.
🌐 The Digital Influence
With 90% of Snapchat’s daily active users aged 13-34, the platform serves as the voice of young people in India. Gen Z’s preference for digital engagement makes it vital for businesses to connect with them online to capture this growth potential.
India's #GenZ population (Born between 1997 and 2012), now at 377 million, is not just the largest generation in the country's history but also a powerful economic force with a collective spending power of USD 860 billion.
— Upendrra Rai (@UpendrraRai) October 16, 2024
The "The USD 2 Trillion Opportunity: How Gen Z is… pic.twitter.com/o7MgdkEn0N
🔑 What’s Next?
As Gen Z continues to influence the market, their spending habits will reshape industries, from fashion to tech. Brands looking to stay ahead need to listen to their voices and adapt to their preferences.
In a nutshell, get ready—India’s Gen Z is on the rise, and they’re about to change the consumer landscape forever! 🌟💥