Understanding Behavioral and Trends of Millennials: Best Research Areas for future researchers: 2019 - The Indian Perspective

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INDIAN PRESPECTIVE
UNDERSTANDING BEHAVIORAL
AND TRENDS OF MILLENNIALS
Best Research Areas for future researchers: 2019
1 | Understanding Behavioral and Trends of millennials
Business and Management

Tutors India Lab
EXECUTIVE
SUMMARY
1. The employment rate of the Indian millennials is 47%, which makes
them the most attractive segment for different retailers and brands.
2. Indian millennials have become the chief users of the online retail
modes because of the rising internet penetration.
3. The brand loyalty among the Indian millennials is decreasing when
compared to other older generations.
21 | | Understanding Behavioral Behavioral and Trends and of millennials Trends of millennials
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INTRODUCTION
In recent years, millennials, the individuals born between 1980 and 1999, have gained a lot of attention because
of their behavior and habits. The global population of the millennials is approximately 2 billion, which is 27% of
the total global population. (Deloitte, 2019) Some of them are on the verge of developing into responsible adults,
whereas some of them have already stepped into adulthood while adapting themselves to the rapid modernization.
According to Deloitte 2018 millennial report (Private, 2018), India has a millennial population of 440 million, which
equates to 34% of the entire Indian population. In addition to this, millennials constitute 47% of the entire Indian
working population (Livemint, 2019). The spending power of the millennials has increased along with their access to
different products and services.
The millennials are the first generation to utilize the advancements in technology for a variety of purposes including
communication, entertainment, education, shopping, etc. Notably, the availability of various online purchase channels
has transformed the way millennials purchase. Therefore, it is vital for the brands to adopt different strategies
to that are streamlined to attract the millennials (Jennifer Brown et al., 2017)
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| Understanding Behavioral and Trends of millennials
Business and Management

Tutors India Lab
INDIAN
MILLENNIALS
Millennials have become the chief users of the online
retail modes because of the rising internet penetration
(Foundation, 2018). A variety of things including fashion,
electronics, groceries, food, household supplies,
beauty products, arts, handicrafts and many more are
available online (FCCI & PWC, 2016). The easy return
policy of the online shopping sites that allows the consumers
to try the products and return them if they are
not satisfied is one of the primary reasons for the popularity
of e-commerce sites. Moreover, the future trends
of the e-commerce industry have indicated that in the
future a large number of people from the tier III and tier
IV cities will be involved in online buying too. The main
reason for this is the availability of smartphones and
data plans that are affordable (AKBEN, 2019). The
decision making process involved in the purchase of
good is influenced by a number of aspects including
ratings, online reviews, peer opinions etc. (Sethi, Kaur,
& Wadera, 2018).
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| Understanding Behavioral and Trends of millennials
Business and Management

Tutors India Lab
BRAND
LOYALTY
The brand loyalty among the Indian millennials is decreasing when compared to other older generations. The
brand loyalty of the millennials is impacted by millennials preference for convenience and the increasing use
of technology. However, the Indian millennials are often attracted towards brands that hold loyalty towards the
brands that hold values and has unique selling propositions. The association between brand loyalty and brand
resonance is very weak in the case of the millennials. At present, where there are number of brand choices
are available for the Indian millennials, many brands are finding it very difficult to gain the brand loyalty of the
Indian millennials (Private, 2018). The brand managers should develop different strategies including online
personalization, creating emotional impact etc. in order to gain the trust of the individuals towards their brands
which is the key towards develop a brand loyalty among the millennials (Gehan, Dhameeth & Yamamoto,
2017).
SUMMARY
Social media also plays an essential role in helping the brands to make a personal communication with the
millennials. In order to personalize the relationship brands have with their customers, brands can resort to
online recommendations. The online recommendations can be in the form of personal reviews by customers or
personalized product recommendations provided by the search engines. In addition to this, brands can provide
loyalty programme which provides personalized offers to the millennials based on their purchase patterns
(Smith, 2017). Further millennials are often attracted to brands whose values are similar to that of their values.
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Business and Management

Tutors India Lab
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REFERENCES
AKBEN. (2019). E-commerce and Consumer Internet
Sector – India Trendbook 2019.
Deloitte. (2019). Unravelling the Indian Consumer.
FCCI, & PWC. (2016). Shaping Consumer Trends.
Foundation, I. B. E. (2018). Indian E-COMMERCE
Industry Report.
Gehan, Dhameeth, S., & Yamamoto, O. (2017).
Relationship Between Millennials and Brand Loyalty:
Mediating Brand Loyalty Factors. Journal of Business
Theory and Practice, 5(3), 223. https://doi.org/10.22158/
jbtp.v5n3p223
Jennifer Brown, Apostolova, V., Barton, C., Bolton, P.,
Dempsey, N., Harari, D., … Powell, A. (2017). Millennials.Livemint.
(2019, September). Livemint.
Private, F. (2018). Redefining the consumer story. (February).
Retrieved from https://rls.net.in/wp-content/uploads/2018/02/Trendsetting-Millenials_RAI-Deloitte.pdf
Sethi, R. S., Kaur, J., & Wadera, D. (2018). Purchase
Intention Survey of Millennials. Academy of Marketing
Studies Journa, 22(1), 16. Smith, K. T. (2017). Digital
Marketing Strategies that Millennials Find Appealing ,
Motivating , or Just Annoying. (October 2011). https://
doi.org/10.2139/ssrn.1692443
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1 | Understanding Behavioral and Trends of millennials
Business and Management