Gen Z's influence on India's future
Asia Report Column: Finance and Banking Journal, July Issue (Issue 507)
India's Gen Z has the highest number in the world. Nearly 70% of India's population is between the ages of 15-64. In 2563, the number of people between the ages of 18-35 is over 600 million.
Generation Z, or Gen Z for short, was born between 2540 and 2555 and accounts for approximately 30% of the world's population. and this population is expected to account for 27% of the workforce by 2568.
India's Gen Z has the highest number in the world. India's total population growth is being driven by a youthful population. Nearly 70% of India's population is between the ages of 15-64. In 2563, the number of people between the ages of 18-35 is over 600 million.
Companies in a variety of industries such as consumer goods, fast food restaurants, banks and telecommunications They have seen the growing trend of Gen Z in India and have tried to adjust their business strategies to meet the needs and preferences of this demographic. As Gen Z continues to grow and have more purchasing power, it can be seen that this group will have more influence on the Indian economy.
For example, a McKinsey report found that young travelers are benefitting from India's strong economic growth of more than 6% annually, which will drive annual growth in domestic travel spending of about 9%. %, such growth could cause India's domestic tourism market to overtake Japan and Mexico. It has become the 4th largest market in the world.
decode Gen Z in India
Today's technology has changed young Indians. by various small technological devices What was seen as a luxury item has turned into a necessity, affecting 12-18 year olds and their personal lives, according to a survey of the age group's digital routines and habits by the company. Ta Consultancy Services came up with some interesting insights, such as 83% of Indian youth using smartphones. But when they access the internet, they use home desktop computers or laptops. at 44%, more than smartphones that came in second place at 2%
In the field of social media Facebook is leading the way. It has 86% of users, followed by Google+ at 65%. Interestingly, boys use the internet and access social media more than girls, while Platform X is popular among 45% of boys. This compares to 21% of girls, which overall children approx. 59% would follow sports celebrities, followed by celebrities and celebrities (52%), and movie actors (48%).
And when it comes to messaging systems, Whatsapp ranks number 1 as used by Gen Z at 71%, followed by SMS with a relatively distant percentage of use at 12%.
For purchasing things through online channels According to the survey, 87% of people shop online, with Gen Z buying 57% of electronic devices, followed by 50% of books and 37% of clothing. And the interesting point is Many local brands state that Younger consumers, led by Gen Z, are showing interest in buying local brands. This group of consumers has greatly contributed to the sales of these brands over the past 3-4 years, whether it be technology products, personal care products, and consumer products, etc.
But in terms of communication When Gen Z Indians communicate with friends They prefer face-to-face conversations at 40%, compared to phone calls and social media. Additionally, when they want to consume news, they tend to watch television and read newspapers (79%), followed by links. on Facebook from friends and family at 38% and from other online sources at 34%
What can Gen Z expect in 2567?
Late last year, Meta published a report on what Gen Z in India is hoping for in 2567. According to the report, Gen Z in India is ready for new trends. In various areas such as food, beauty and fashion. especially Traditional Indian medicinal ingredients that focus on plant-based medicines and treatments, vegetarian products, plant-based meats and herbal extracts.
In 2567, Gen Z will prioritize good health, career advancement and travel. India's Gen Z is different from Gen Z in other nations, who are focused on pursuing career goals. 43% of Gen Z in India hope this will be a year of self-improvement to invest in their own development and growth. They also believe that starting their own business is the best way to achieve this. "Wealth"
At the same time, this group also faces concerns such as rising inflation and economic uncertainty such as job losses. According to Mintel Economic Tracker, in March 2566, 12% of people Indians, ages 18-24, describe their financial situation as "tight on money." Gen Z is expected to continue to focus on “Value-based purchases” to ensure that they can maintain a strong financial condition
Gen Z and changing the future of India
Gen Z took part in the general elections starting in April. More than 18 million first-time voters voted in this election, and what they expect from political parties is more jobs and better education.
The general election results were disappointing. Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) won just 240 seats, down 63 seats from 2562. That means He will need to rely on a coalition of parties to form a government for the first time since 2557. The election results are a reflection of the Indian people's belief that economic solutions are more important than religious divides.
Prime Minister Narendra Modi's vision of India becoming a developed country by 2590 means that India's GDP must be worth US$35 trillion. and a GDP per capita of US$18,000. The target also calls for growth of 10% per year for the next 23 years, with drivers of economic growth including high-tech services. and large businesses that have advanced technology and require little labor.
But most Indians do not have the skills to work in high-tech and service industries. More than 45% of the workforce is employed in the agricultural sector and there are no good jobs available. in the manufacturing sector, which causes these workers to be stuck in low-productivity jobs
However, India is the most populous country in the world, with nearly 70% of the population aged between 15 and 64, and 1 million Indians turn 18 every month, which is an economic boon. caused by changes in population structure But it could be disastrous if the number of jobs decreases.
If India can grow its economy as planned and meet the needs of Gen Z of India with good education and more jobs. It is possible that India will have a large population of potential people like Sundar Pichai, CEO of Google, Satya Nadella, CEO of Microsoft, who will become a major force in the It can help transform the country or the world in the future.
Follow and read other columns. Available in the July 2567 issue of Finance and Banking Journal. Issue 507 In digital format: https://goo.gl/U6OnIi
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