Key Points
MUMBAI: Brands are chasing India's 377 million Gen Zs - that's more than the entire US population - as many join the workforce, adding to the cohort's share of total spends...
Already, Gen Zs (individuals born between 1997-2012) influence a significant portion of a household's consumption basket, currently driving 43 per cent or $860 billion of total consumer spends, according to a BCG and Snap Inc report...
Of this, about $200 billion comes from their own earnings while $660 billion is influenced spends (by families but the choice of product is influenced by Gen Zs)..
Estimates suggest that by 2030, about 36 per cent of Gen Zs would be in the workforce, driving $730 billion of direct spends and $1.4 trillion in all - reason enough for brands to take note and strategise...
Zeba Khan, director of fashion & beauty at Amazon India, claimed that the company has seen a three times jump in its Gen Z customer cohort following the store launch..
