Key Points
- Gen Z’s spending power will reach $2 trillion by 2035.
- They currently influence 43% of India’s total consumption.
- Direct spending is projected to grow to $250 billion by 2025.
- Fashion, dining, and entertainment are key industries impacted by Gen Z.
- They prefer interactive content and value influencer recommendations.
Looma News
Gen Z is really shaking things up in India’s economy, with their spending power expected to skyrocket to an incredible $2 trillion by 2035. This group of 377 million is already driving a massive 43% of the country’s consumption. According to a report by Snap Inc. and Boston Consulting Group, their spending power is currently around $860 billion, which they split between what they buy directly and influencing others’ purchases.
By 2025, they’re projected to spend $250 billion directly, with one in four already in the workforce. Their impact is especially strong in fashion, dining, and entertainment. They make up 50% of footwear purchases and nearly half of all dining and entertainment expenses.
What sets Gen Z apart is how they shop. They do way more research than Millennials and often follow trends instead of sticking to brands. They love interactive content too, 77% are into AR and similar experiences, so brands should take note. Plus, 72% of them look to social media influencers for shopping inspiration.
Even though brands see the potential in Gen Z, many are slow to catch on, only 15% have really tried to connect. This presents a great chance for brands to get creative and craft experiences that resonate with these young shoppers.
