Self-important, spoiled, multi-talented, and passionate... The segment of population that was once an 'after thought' for vendors are now gaining immense priority. Hailing from the fiery generation known as 'Y', their desires, attitudes, and needs can't be ignored. How do retailers comprehend and capitalize on them?
India has the youngest population profile among other countries. They have a strong desire in expressing their individuality, and style. They make their transition from childhood to adult, falling within the age group of 13 - 24 years. During this period, looks are of utmost importance to them, as they believe this would gain a social acceptance for them. A survey by the Associated Chambers of Commerce and Industry (ASSOCHAM) states that young generation in the age group; 13-21 spend as much as around `5000 a month for their shopping spree.
This segment of population is known as 'Generation Y'. They comprise of the fastest growing Indian segment. Much pampered by their parents, they are more confident, ambitious, and achievement oriented. They are not afraid to question authority, and are always ready to face new challenges. Mostly, these people look at their peers, advertising, and idols to decide the right way to conduct themselves. They exert considerable influence on their parents regarding their shopping decisions, or spend their own money. Clothing tops the list of their preferred shopping items.
Preferred shopping items