MILLENNIAL KEY LEARNING — THE MAVERICKS
July 5th 2019
What really matters to millennials, Gen Z?
- Travel and seeing the world is the top priority for 57% of millennials and members of Generation Z around the world
- In its Global Millennial Survey 2019, Deloitte has mapped the changing life priorities of these two cohorts of young people — (Gen Z: those born between 1995 and 2002; and millennials: those born between 1983 and 1994)
- Slightly fewer than half said they wanted to own a home (49%)
- Women (62%) were more interested in seeing the world compared to men (51%)
- As many as 57% of millennials in India aspire to make positive contributions to society (46% globally)
- This is followed by their desire to earn a high salary (50%)
- Gen Z, on the other hand, first wants to be wealthy (68%), followed by travelling the world (60%).
What are the 3 things Indian offices can do to prepare for millennial workers?
Tomorrow’s workplace is being given shape and form by today’s workers. And the group that is the most influential and vocal is the millennial worker. Millennials will soon account for over half of an organisation’s workforce, making them an important cohort to collaborate with and integrate into an organisation’s functioning.
- Integration v/s Fragmentation — The current workforce demands an integration of wisdom derived from experience and the drive for innovation brought in by youth.
- Collectivism v/s Individualism — The only way to create collaboration and shared learning in the workplace is by encouraging a sustainable synergy between individuals who focus on their individual knowledge while delivering a common purpose.
- Experience v/s Inefficiency — The interactions an employee has with the outside world as a consumer is far superior to the inefficiency she meets in her organisation as an employee. The older an organisation is, the more frustrating the experience becomes. The workforce of today does not distinguish between the experience at work with that outside of work and it is important to relook at employee experience through the lens of a consumer.
Millennials in India Don’t Want to Own Personal Vehicles, Shared Mobility Gaining Popularity: Deloitte
- As shared mobility gains traction in India, 51% of millennials (Gen Y/Z users) are questioning the need to own a vehicle, while 44% of Gen X have similar thoughts.
- It also said 76% of respondents in India were in favour of connected vehicles with 84% feeling that connected vehicles will be beneficial in providing suggestions regarding safer routes along with updates to improve road safety and prevent potential collisions.
- On the other hand, only 34% of pre/boomers generation have questioned the need for an owned vehicle
- Currently in India, 47% of consumers use their own vehicle everyday which is expected to increase to 50% in the next three years
Shared mobility is another trend which is gaining momentum in India. The report uncovers a clear generational divide when it comes to shared mobility
What is the latest Travel Trend among the millennials?
Flash packing: A millennial travel trend
The term ‘flash packing’ evolved from backpacking. Unlike its budget counterpart, flash packing involves travelling in a comfortable and stylish way. Flash packing is also synonymous to smart exploring, hence, one needs to plan well to narrow down unique experiences and get good deals. You can choose to light up your soul in the busy alleys of Amritsar; chill at the beaches of Kerala or awaken your senses with a sunrise visit to the Taj Mahal in Agra. Go old school and relive your childhood memories along a luxury train journey which takes you through the culturally rich circuit of Jaipur, Jodhpur, Chitorghar and Bikaner.
Young Indians may have expensive ambitions, but do they have the means to achieve them?
Survey by the Mumbai-based consultancy firm Kantar IMRB. The study was commissioned by Bajaj Allianz Life. Work-life balance, travel, fitness: The changing life goals of Indian millennials Daydreams : The top goals of Indians, according to the survey are:
- Comfortable retirement
- Entrepreneurship
- Travel and better work-life balance
- Health and fitness
- Philanthropy
Around 38% respondents are unsure of achieving their targets. In fact, people in metro cities are more or less confident than those in non-metros, according to the survey.
Four in five millennials, Gen Z’ers prefer gig work 9–5 jobs: Report
- 84% of millennials and 81% of Gen Z’ers say they would consider freelancing
- This figure is higher in India, where 94% millennials and Gen Z’ers prefer gig work
- Overall, the gig economy appeals to four in five millennials and Gen Z’ers
- Only 6% of the millennials said they have chosen to be part of the gig economy instead of working full time but 50% said they would consider it, and 61% would take gig assignments to supplement existing employment
‘Bleisure’ on your mind? Most millennial travellers happy to mix work trips with holidays
Bleisure is a new trend which means business and leisure trips
- With 72% Indian travellers extending their business trips in 2018, they have been ranked second among ‘Bleisure’ travellers across 31 countries, according to a study.
- Indians are second to Thai travellers (80%) and more than the global average (51%), a Booking.com study has revealed
- Nearly, two-thirds of Indian travellers (65 per cent) said they have been on a domestic business trip, which is the highest globally ahead of Indonesians (62%) and Chinese (62%). In addition, more than half (58%) of Indian travellers reported that they had been on an international business trip in 2018, it said
- About 76% Indian travellers said they often get to enjoy their travel destination
“We are witnessing a steady rise in ‘Bleisure’ trips being taken by Indian business travellers for both domestic and international destinations. We’re likely to see this trend continue to grow in the near future, with the potential to help boost the Indian travel industry to scale further heights,” Booking.com Country Manager, India, Sri Lanka and Maldives Ritu Mehrotra said.
