Gen Z: The Economic Powerhouse Shaping New India

India's Gen Z, comprising 377 million individuals, wields substantial economic sway with a spending power of $860 billion. Projected to hit $2 trillion by 2035, their influence spans diverse sectors. However, only 15% of brands are effectively marketing to this demographic, indicating significant opportunities for deeper engagement.

India's Gen Z population, now numbering 377 million, is not just the largest demographic cohort in the country's history but also stands as a substantial economic force. A recent report revealed that Gen Z possesses a collective spending power of USD 860 billion, already driving 43% of India's consumer expenditure.

Known as those born between 1996 and 2010, Gen Z is paving the way as a burgeoning financial influence across varied categories such as fashion, dining, and consumer durables. With spending power projected to soar to an astounding USD 2 trillion by 2035, this generation is set to redefine consumer dynamics in India.

The report highlighted a significant opportunity for brands, noting that while 45% recognize Gen Z's market potential, only 15% are actively engaging this demographic. Experts suggest brands should swiftly innovate, offer immersive experiences, and leverage influencers effectively to capture this transformative market.

(With inputs from agencies.)