About INgene blog : First ever Indian Youth trend Insights blog

About INgene : First ever Indian Youth trend Insights blog:
This blog explores the detailed characteristics of Young-India and explains the finer & crucial differences they have with their global peers. The blog also establishes the theory of “adopted differentiation” (Copyright Kaustav SG,2007) and how the Indian & Inglodian youth are using this as a tool to differentiate themselves from the “aam aadmi” (mass population of India) to establish their new found identity.

The term youth refers to persons who are no longer children and not yet adults. Used colloquially, however the term generally refers to a broader, more ambiguous field of reference- from the physically adolescent to those in their late twenties.
Though superficially the youth all over the world exhibits similar [degree of] attitude, [traits of] interests & [deliverance of] opinion but a detailed observation reveals the finer differential characteristics which are crucial and often ignored while targeting this group as a valued consumer base. India is one of the youngest countries in the world with 60% of its population less then 24 years of age and is charted as the most prospective destination for the retail investment in the A. T. Kearney’s Global Retail Opportunity Report, 2007. With the first ever non-socialistic generation’s thriving aspiration & new found money power combined with steadily growing GDP, bubbling IT industry and increasing list of confident young entrepreneurs, the scenario appears very lucrative for the global and local retailers to target the “Youngisthan” (young-India). But, the secret remains in the understanding of the finer AIOs of this generation. The Indian youth segment roughly estimates close to 250million (between the ages of fifteen and twenty-five) and can be broadly divided (socio-psychologically) into three categories: the Bharatiyas, the Indians & the Inglodians (copyright Kaustav SG 2008). The Bharatiyas estimating 67% of the young population lives in the rural (R1, R2 to R4 SEC) areas with least influence of globalization, high traditional values. They are least economically privileged, most family oriented Bollywood influenced generation. The Indians constitute 31.5% (A, B,C, D & E SEC) and have moderate global influence. They are well aware of the global trends but rooted to the Indian family values, customs and ethos. The Inglodians are basically the creamy layers (A1,A SEC) and marginal (1.5% or roughly three million) in number though they are strongly growing (70% growth rate). Inglodians are affluent and consume most of the trendy & luxury items. They are internet savvy & the believers of global-village (a place where there is no difference between east & west, developing & developed countries etc.), highly influenced by the western music, food, fashion & culture yet Indian at heart.

Saturday, December 5, 2015

Millennial Indians travels more to overseas destinations : youth in India

Millennial Indians (those born after 1980) like to travel abroad at least once a year and nine out of ten use their own savings to fund overseas trips, a survey has found.

This is in sharp contrast to the older generation, 88 per cent of whom hardly ever travelled abroad for leisure, the ICICI Millennial Travel Study said.

The survey, conducted among 1,049 respondents in the age group 25-35 years across Mumbai, Delhi, Hyderabad, Bengaluru, Ahmedabad and Kolkata revealed that Singapore is the most favoured destination, followed by the US and the UK.

A whopping 80 per cent of the respondents named culture and heritage as the main driver behind the choice of destination. Around 71 per cent considered health and hygiene conditions of a country before planning a trip against 41 per cent in the previous survey conducted in 2013.

Around 57 per cent of those surveyed preferred a multi-location trip, the main reason being packaged tours and better discounts offered by travel companies.

"Despite being aware and wanting to undertake multi-country trips, very few insure their travel, primarily because of lack of understanding of insurance benefits," ICICI Lombard General Insurance chief (underwriting, claims and reinsurance) Sanjay Datta said.

To a media query, he said ICICI Lombard had underwritten premium amounting to Rs 100 crore under travel insurance segment last year, which was likely to grow by 5-10 per cent in the current fiscal year.

The industry currently has a size of Rs 400-500 crore in the country.

Although 90 per cent millennials surveyed are aware of travel insurance, only 2 of 5 respondents purchased travel insurance for overseas travel, the primary drivers being medical emergency and luggage safety. The biggest problem most millennials felt they would face while travelling were safety issues.

A total of 52 per cent preferred to travel with their spouses, with Ahmedabad taking the lead. In fact, only 12 per cent of the country's millennials travelled alone. Around 79 per cent of millennials faced budget constraints and 39 per cent availed of finances for a trip abroad. Almost 47 per cent of millennials saw an increase in their overseas travel in future.

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