The term millennial describes a generation born between 1981 and 2001. People born at the start and the end of that two-decade period differ in life experience and attitudes. And those differences inform their behavior as consumers.
The youngest millennials, born between 1997 and 2001, are now 16-to-20 years old. They not only are coming of age, but they also comprise 28 million consumers in India. And, according to studies by Kantar IMRB and TNS, they are influential:
- One-third have their own source of personal income;
- One-quarter live on their own or with friends;
- Almost one-third of those living with their parents are the main shoppers for the household; and
- Over one-third of those living with their parents influence household purchasing decisions.
In many ways, these younger millennials are similar in their attitudes to older generations. They are equally hardworking, collaborative, responsible, and loyal, which also identify distinctive characteristics that are important for marketers and brand builders.