Indian Millennials are ambitious, self-confident, and most important self-reliant. They want to make a positive impact on the society through their actions.
Indian Individuals in the age bracket of 18-35 years or born between 1980-2000 year forms the Indian Millennials also called generation Y or “Gen Y”. Indian Millennials are approximately 440 million in number and account for 34% of total India’s population. Gen Y have their lives all surrounded by latest technology electronics, gadgets, high speed internets and socially networked world. They display high level of social consciousness, are optimistic about their future and adamant to fulfill their dreams. These are equipped with all the knowledge at their fingertips, are well-travelled and have very high spending power.
Travel Goals of Millennials
Millennials are frequent travelers and never miss long weekends. Some of them travel to relax their minds, some for fun; some have zeal to explore while others travel just for social image. A huge percentage of this generation travels to rediscover the rich Indian heritage, few choose off beaten tracks to explore and rest selects destinations that are less travelled by their peers. Craziness for breathtaking adventure activities also takes them to different places. While some just travel to satisfy their taste buds with local cuisines.
Access to Innumerable travel planning companies, mobile applications, blogs, articles, real life experiences and other resources make millennials plan their travel at an instant and more conveniently. A huge percentage of this generation likes to prepare itinerary on their own while very few relays on travel agents. Social content, Instagram profiles and Facebook recommendations are the major influencers. Google acts like a travel assistant who keep a track of all the reservations and notify well in advance if any changes/cancellations occur.
Millennials and Career
Career growth, flexible working hours, career development programs, performance rewards other than just financial benefits, these are what a millennial expect from their professional journey. The focus of Gen Y is not merely securing a job but forming their dream career. They want to be in such a place which enhances their ability to be more creative, unique and their strength being channelized for a productive work. Also, millennial expect that their profession should be able to offer them an additional opportunity to serve undeserved in society.
Millennials are Health Conscious
Millennials have completely different food habits then their predecessor. They eat out more frequently but are more inclined towards conscious eating. They are very selective of what they eat, where they eat, what the ingredients are and what the cooking process is. On one hand they want to be connoisseur and on the other they are health enthusiast. For this tech -savvy generation, food mobile applications, meal vouchers, ready-to-eat meals, food home delivery at their convenience has made their eating habits more pronounced.
Millennials do Save and Invest to Spend.
On an average a millennial travel 4-5 times in a year and hence a huge chunk of their income is spent on travel and hospitality. According to current scenario they are spending more than earning. Millennials saves to spend on one self rather than to achieve financial goals. Investing money is the key when it comes to save money and millennials have insufficient experience in this field. They do not want to settle for a huge expenditure like buying a property because that will require investment for a long period of time. They are happy renting a house instead of buying it. Moreover, credit cards and EMI’s have made their life effortless. Gen Y hardly hesitates to borrow money to finance their particular needs. Millennials with their peculiar spending and consuming practices makes them vital customer target for retailers and brands. Understanding the minds of Gen Y has become important for each and every country for high trends in socio-economic condition.