Drivers of change in 2019
This article is part of a series of articles on drivers of change in 2019. Read more.
About 58% of the world’s millennial population lives in Asia, including a whopping 440 million in India, where they account for 34% of the total population. In China, despite an ageing society, millennials account for 27% of the country’s total population. Morgan Stanley estimates that millennials in India will spend $330 billion by 2020, where they account for nearly half the working population and their share in the workforce is expected to remain the highest over the coming decade and beyond. Deloitte estimates that the combined spending power of Asian millennials is $6 trillion1. It is known that this group has a greater propensity to spend on discretionary items as their disposable income rises.
In today’s age of multiculturalism, gender sensitivity and inclusivity – despite the best efforts of politicians to stoke nationalism, it is not surprising that 87% of young consumers say that they are more likely to spend more on a brand which provides messaging which is inclusive of race and ethnicity2. They feel that brands should reflect their values – 78% agree that more companies must take a stand on key social issues.