Millennial Key Learning
MILLENNIAL KEY LEARNINGS — THE MAVERICKS
July 12th 2019
Here’s why more millennials are going on ‘sleepcations’
- A ‘sleepcation’ is about getting enough rest and sleep during a holiday, instead of the usual spinning around in a frenzy as you go sightseeing and shopping.
- Sleepcations help one overcome sleep deficit and it has been seen that such a restful break can effectively help one emerge refreshed and recharged.
- The idea caught on after a steady rise in the number of people seen to suffer from sleep deprivation, showed poorer work performances.
- Experts have stated that getting enough rest can help overcome this. Vacationers are provided with rooms that enhance sleep as well as food that brings on relaxation, a special sleep massage and yes, there’s also a sleep patroller to check if you’re breaking the rules. No surprises then, that this is a top travel trend for 2019.
Fewer taxes, more to spend, say millennials
- Most 23–38-year-olds save little after paying rent, taxes and EMIs and spending on eating out, shopping
- India’s 440 million millennials saw little relief as prices of items such as fuel and gold were proposed to be hiked in NDA’s first budget after it returned to power
- Millennial consumers said they have little left to save after having to spend on phone bills, fuel, monthly instalment payments, and eating out.
Former Flipkart Execs On Changing How India’s Rising Young Workforce Invests And Saves With Groww
- Groww offers direct mutual funds at zero commission
- It’s hard to ignore the new-age digital investment platforms that have become the go-to choice for India’s burgeoning millennial population
- Startups such as Groww, have capitalised on the digital wave to boost overall investment penetration and adoption. The major hurdles in bringing more young investors into the fold are lack of financial literacy and complicated processes.
- Most millennials prefer, a DIY (Do It Yourself) approach, where the individual investors are in-charge of building and managing their own investment portfolios. They are more attracted to such products as it allows them to have control over their portfolio and money, and eliminates middlemen or advisors.
- India has a millennial population of 400 Mn, a group which makes up a third of the overall population. By the year 2020, India will also have the world’s youngest population, with a median age of 29. Naturally, getting this mass to invest is the biggest challenge and opportunity.
- A majority of these target the younger millennial audience and first-time investors, which is the primary market for Groww.
Source: Inc42
Social media, movies inspire millennial goals
Conventional financial goals such as owning or building a house and planning for retirement continue to be influenced by family and social circles
- Retirement-related goals feature in the top five for 42% of the millennials in India, says report
- About 20% millennials in India are inspired by social media trends when it comes to deciding certain new-age life goals.
- A recent report by Bajaj Allianz Life Insurance Co. Ltd, titled India’s Life Goals Preparedness Survey, said one in five goals are inspired by social media sites.
- These goals typically include travelling abroad and focusing on health and fitness.
- Goals such as owning a high-end car or upgrading to the latest one are inspired from movies, said the report.
₹500 cashback on Amazon Prime membership for millennials
- Amazon on Thursday announced that customers between age group 18–24 in India would get 50% ( ₹500) cashback on joining annual Prime membership of ₹999.
- Customers can avail this offer by signing up for Prime and verifying their age on Amazon.in, the company said in a statement.
- Customers must verify their age by uploading PAN card, a proof of mailing address and a photo
- The young Indians can sign up for the Prime annual membership from the ‘youth offer’ banner by paying ₹999 online
Co-working sector is hot, but what’s fuelling the demand for “cool” offices?
From 4% during the first three quarters of 2017 to 10% till Q318, the share of co-working sector in total office leasing in India shows growth of flexible working space is on steroids.
Across large cities in India, co-working spaces have mushroomed at such a rapid pace; it is difficult to keep a track of how many are actually around.
Originally billed as a perfect working space for millennials, co-working spaces are becoming very popular among the large and even medium-sized businesses for their affordable infrastructure and business opportunities.
Many feel with India becoming the third largest startup hub in the world and the second largest freelancer workforce in the world, there is a huge potential demand for co-working spaces in the country.
The market is huge and expanding. Currently, 46 percent of India’s workforce is millennials looking for tech smart offices. They embrace collaboration opportunities, giving a window to co- working players to expand.
How The 2019 Budget Can Change The Future Of Millennials
With millennials making up close to 47% of India’s working population and our GDP inching ever closer to $3 billion, there are a lot of reasons for the young, working India to pay heed to our latest shifts in economic policy.
Here are a few key features of this year’s budget, and how they aim to revolutionise New India:
- A Focus On Environmentalism
- New Horizons For Gender Equality
- Urban Lifestyle Choices
