The status associated with communicating and sharing each stage of the purchase process is potentially more important to India’s millennial consumers than what they actually purchase, according to new research published by Paradox Panel, a think tank convened to research, debate and develop insights into India’s 21-35 year-olds.
With 89% of Indian millennials researching online before making a purchase, and 74% of believing that they influence the buying decisions of others, the entire consumption process has become an opportunity to enhance profile and status – from research to post-purchase.
While India’s millennials are extremely individualistic in their shopping habits – 43% Indian millennials shop alone and a third of them cite ‘personal satisfaction’ as the single most important factor behind their decision-making – the need for endorsement, validation and communication of each stage of the purchase process remains ever-present. 9 out of 10 Indian millennials actually believe it’s their responsibility to share feedback with companies after a good or bad brand experience; sharing is not merely desirable for millennials, it has become a fundamental aspect of consumer behaviour.
The concept of Collective Individualism highlights this demographic group’s obsession with self-expression, individual choice and personal opinion, while at the same time exhibiting an unprecedented desire to share and belong to some form of community, both in the professional and personal context. According to the Paradox Panel’s Second Quarterly Report – India’s Millennial Paradox and what it means for the way they consume – this contradiction is palpable at each stage of the purchase process.
Another consumer trend revealed in the report is millennials’ obsession with the search for wisdom; not knowledge in the traditional sense, but rather information which is compelling yet difficult to find – the more compelling the information and complex the search the greater the resulting prestige.
According to S Ravi Kant, CEO, Eyewear Division & Executive Vice President Corporate Communications, the purchase process perfectly reflects the Collective Individual paradox at the heart of India’s millennials.
“India’s millennials see value not just beyond the product but in all stages of the ‘highly involved’ purchase cycle; from the research and selection to the acquisition and the final experience. The ability to share and validate each step of the process is absolutely critical. The contradiction being that, while today’s millennial consumers demand an experience which is genuinely personalised and unique, they also crave endorsement and approval at each stage of the process,” says Mr Kant.
Speaking about the event, Ravi Kant, Senior VP - Titan Company, said: “As a company, Titan is getting younger, more contemporary and bolder through all its brands. From its watches, to eyewear and jewellery, the company has become more fashionable, innovative and extremely ‘with it’. Collective individualism is the cornerstone of today’s youth and it is this youth that forms the core of Titan Company’ target group. Through this panel, we like to take inputs and have robust discussions with audiences relevant to the concept – professionals, consumers, media, trend analysts and millennia themselves.”