To separate fact from fiction and gain a deeper understanding of Gen Z, Snap Inc. partnered with Boston Consulting Group (BCG) to develop a report on Gen Z titled ‘The $2 Trillion Opportunity I How Gen Z is Shaping the New India.’
This research offers new perspectives into Indian Gen Z’s distinctive spending power across multiple categories. It delves into uncovering insights into how they engage, influence, shop, and spend – shaping the future of India’s economy.
Adding a creative spin to the initiative, cartoonist Tom Fishburne, also known as the Marketoonist, has developed a series of witty cartoons that humorously debunk common myths about Gen Z. Through his signature humour, Fishburne offers brands a unique and engaging way to grasp the realities of this generation, making it easier to connect with them on a meaningful level.
In this exclusive shared with Social Samosa, Tom Fishburne said, “I’m a big believer in the power of laughing at ourselves to help do our best work. The marketing community frequently buys into popular myths and it’s always a good idea to sense-check our assumptions. This is particularly true with Gen Z. I was inspired by the tangible research from Snapchat and BCG that highlights the gaps between myth and reality. My goal is that these cartoons can help hold up the mirror.”
Myth: Gen Z in India lacks significant spending power.
Fact: Contrary to this belief, Gen Z is a formidable economic force. With a population of 377 million, the largest ever generation to live in India, they currently hold a collective spending power of $860 billion, contributing to 43% of India’s total consumption. This figure is projected to surge to nearly $2 trillion by 2035, underscoring their critical role in shaping India’s economy.
Myth: Gen Z has no direct spending power and is not yet part of India’s workforce.
Fact: Gen Zers are impacting almost every second rupee spent today across categories. 1 in 4 are already part of India’s workforce. This means they not only contribute to their families’ purchasing decisions but also spend their own earnings. Currently, around $200 billion of their total spending comes directly from their own income, further emphasizing their influence in the economy.
Myth: Gen Z is often perceived as detached and disengaged.
Fact: Gen Zers have a tight-knit ‘inner circle’ – a set of close friends and family members who help them navigate through life. About 70% of Gen Zers deeply care for connection with this inner circle, sharing every small detail of their lives with them – from shopping to streaming and so much more. Gen Z is also deeply connected with their family and often shares their concerns with parents and siblings.
Myth: Gen Z’s shop only digitally
Fact: Gen Z blends online and offline — Likely to be online (checking wish list, creator pages) while in-store. They tend to take inspiration from and research across both online and offline channels seamlessly in their journey. Even though they are digital natives, they are very likely to start a journey online and complete the purchase offline or the other way around.
You can access the report here.
