$2 Trillion Opportunity with Gen Z of India—Research Insights from Snapchat and BCG

Snapchat, in collaboration with the Boston Consulting Group (BCG), has released a pivotal report titled 

"The $2 Trillion Opportunity: How Gen Z is Shaping the New India." 

Key Insights

Demographics and Spending Power

Population Size: Gen Z in India comprises approximately 377 million individuals, making them the largest generational group in the country.

Current Spending Power: This demographic currently drives about $860 billion in consumer spending, accounting for 43% of total consumption in India.

Their spending is projected to surge to $2 trillion by 2035, with direct spending reaching $1.8 trillion during that time.

Consumer Behavior and Trends

Workforce Participation: One in four Gen Z members is already part of the workforce.

Research Habits: Gen Z is noted for being 1.5 times more likely than Millennials to conduct research before making purchases.

Influence on Household Spending: Of the total spending attributed to Gen Z, approximately $660 billion comes from influenced spending—purchases that they sway within their households and social circles.

Shopping Preferences

Social Shopping Dynamics: Gen Z engages in what is termed "shopcializing," where they share shopping experiences with friends via photos or video calls.

Visual Engagement: A significant majority (77%) of Gen Z prefers using augmented reality and interactive visuals when engaging with brands, indicating a demand for immersive content that enhances their shopping experience.

Marketing Opportunities

Despite recognizing Gen Z's potential, there exists a notable gap in how businesses are responding.

 45% of companies acknowledge this demographic's significance, only 15% have actively tailored their strategies to engage with them effectively.

Conclusion

You can download the full Snapchat/Boston Consulting Gen Z guide here.