MUMBAI: India's affluent millennials are proactive about their financial investments, but they also back brands that give back to society, new research has indicated.
According to a global survey by BBC Advertising, which involved 3,000 interviews in 31 countries, the gap between millennials and previous generations is not so wide.
In India, more than 79% of the country's 106m millennials consider their beliefs to correlate to older generations, but affluent millennials in particular show different characteristics to previous generations, particularly when it comes to brand values. For India's 22m affluent millennials, things are different, India Infoline reported.
More than three-quarters (77%) of India's affluent millennials are likely to see themselves wealthier than other Indians, while almost two-thirds (65%) agree that money is the best measure of success, which is 27% more than the global average.
They are also financially savvy, with 74% actively pursuing investment options, or 14% higher than other markets on average.
However, when it comes to shopping, affluent millennials in India are more likely than non-affluent millennials to prioritise purchases from brands whose purpose and values they identify with, particularly when it comes to looking after the environment.
Some 82% say they are willing to pay more for sustainable products compared with 68% of non-affluent millennials in the country.
In addition, affluent millennials have higher expectations of brands and the role they play in society, with 88% preferring to support brands that give something back compared to 69% of non-affluent millennials.
The survey also revealed that 73% of Indian affluent millennials say they are more brand conscious versus the global average of 67%, and 79% feel that brands play an integral role in their life compared to 69% of non-affluent millennials.
"In an increasingly competitive market where consumers have greater choice regarding the brands they wish to purchase and be associated with, it is imperative that advertisers truly understand who they are targeting and how to reach them," said Alistair McEwan, SVP Commercial Development at BBC Advertising Asia & ANZ.
"Today's report delves beneath the initial labels assigned to different generations, offering advertisers the most accurate picture to date of millennials, from their behaviours to their beliefs."
Data sourced from India Infoline, BBC; additional content by Warc staff