Innovating and driving consumption within GenZ
The Market Research Society of India (MRSI) held its Wednesday Webinar for June 2023 on the topic of "The rise of Gen Z - how to innovate and drive consumption". The session was jointly hosted by Amitabh Mishra, Head-Insights and Analytics - India, Dr. Reddy’s Laboratories; Sunder Muthuraman, CEO - SL Ventures, (Marketing ROI Consulting); Mukul Gautam, VP & Chief Of Capacity Building, Purple Audacity; Sameer Grover, Founder & CEO, Crownit; and Jayesh K Menon, Global Director Insights, Entropik Tech. Speakers including Aditya Kaul, Group Account Director at Kantar, Anjana Pillai, Partner and India board member at Quantum Consumer Solutions, Ashwini Sirsikar, Group Service Line Leader, Ipsos UU and SIA and Mukul Gautam, VP & Chief Of Capacity Building at Purple Audacity deep dived into the Gen Z population’s habits while sharing insights and behavioural traits.
Attitudes and Preferences
As per Kantar, India has 116 million Gen Zers with 2 out of 5 urban consumers falling between the ages of 15 to 55 years. This population is high on individualism, low on regrets, and more self-appreciating. They are also known to give significantly higher importance to their personal appearance, as compared to other age cohorts. While work-life balance is important, faster growth is more important than stability. Further adding to these insights, Kantar’s TGI 2022 also indicated, this generation prefers to live by their own beliefs and value, but their preference for being in a joint family is more than others.
Gen Z - Who they really are?
As per Quantum Consumer Solutions, Gen Z is the first generation that has the ability to choose between many equally good options and this realization leads to a great need to try out things. The generation is constantly searching; They are in an impatient active quest. They generally toggle between two identities - social and personal; they have multiple and a fluid sense of identity with a range of options and diverse priorities and a strong sense of individuality. Despite this, parental and social approval and recognition remains of paramount importance to them. They believe, it is important to demonstrate their power to make a difference and play and active role in expressing it.
The Way They Are
According the Purple Audacity, being the first truly digital native generation, GenZ does not view the world in binaries of digital and physical. Impermanence has percolated to all aspects of life, and any negative impact is felt more intensely than generations before them and Videos and Visuals are a key to the world. They respond to creators and influencers who look like them, talk like them, speak like them, about their needs without an overt commercial hook. They are the biggest catalysts of reverse influence- especially for their parents and proudly wear their Indian-ness on their sleeve.
Some Myths
The Gen Z population across India and the world being one homogenous set is one of the biggest myths as per Ipsos findings. They are self-centred, impulsive, live and are led by social media and look for instant gratification are a few more common myths about this population.
To watch the recorded webinar, click here.