Youth Habits and Trends
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INDIAN YOUTHHABITS,TRENDS AND ASPIRATIONS
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Demographics
Age Group Total Males Females
13-19 142701 75972 66729
20-24 89764 46321 43443
Youth, the population aged 1524, constitute some 222million and represent 20 % of the Indian population
This predominance of youth in the population is expected to
last until 2050
India has a median age at 26 years (as of 2010), trendingtowards 28 in 2020
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Youth
The mall culture, caf culture and increaseddisposable income have changed the way
youth today conduct themselves and manage
their funds.
They are energetic consumers of media,fashion and lifestyle products
They are motivated and geared with limitlessaspirations
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Aspirations
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The youth today are increasingly tech-
savvy, lively and fit; politically aware
Job, success, looking good, and being
liked by other people are some of theirkey concerns
Going to the gym and looking stylishplays a large part in there aspirations
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HT Survey 2012
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Media PreferencesNewspapers, Magazines, Television,
and Internet
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Popular social networking websites Facebook andTwitter turned out to be both tools of social interactionas well as demonstration.
As digital media grows ever stronger and all-pervasive,young people are reading less
Newspaper readership fell from 37.4% in 2010 to23.2% in 2011
While print media faces an uphill challenge, thefascination with television and the internet hasanything but ebbed
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They want better quality, more value-for-money, superior experience and more.
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The number of respondents who used Facebook to makeannouncements to their friends jumped from 10.1% in the
previous survey to 20.65% this time around
People want to wear whatever they have as badges of honourand like to keep constantly updating their facebook statusesand tweets
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Role Models
The youth of the nation embodies all the contradictions
and chaos that characterise contemporary India when it
comes to choosing their role models
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Family FirstIn the global TGI Survey, India ranked highest at
a whopping 76% in the category It is
important that my family thinks I'm doing
well.
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SPENDING HABITSEarn More, Spend More, Save More
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Fashion & AttitudeA very large part of the youths
income/allowances are spent on
clothes, sports(gym) and mobile phones
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INTERNET2011 Cisco Connected World Technology Report
1,441 college students (aged 18-24) and 1,412employees (aged 21-29)
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Internet access seems to have become a basic need,ranking behind air, water, food and shelter for at leastfor 33% of the respondents to a global survey bynetworking giant Cisco.
In India, 95% of the college students and youngemployees surveyed said the internet is as important intheir lives as water, food, air and shelter.
In terms of usage of social networking site Facebook,Indian respondents were ranked highest in the survey,with 92% of students checking their accounts daily,while one-third (33%) check their virtual walls at leastfive times a day.
The survey also said 85% of employees in Indiaconfirmed adding their colleagues and managers as
friends on Facebook.
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Facebook continues to be the dominant social networking
site for Indians. Of all the countries surveyed, India ranked
the highest in the frequency of Facebook interaction, with92 per cent of students and 98 per cent of employees
checking it daily.
CAUGHT IN THE NET
* Four of five college students and young employees
believe the internet is part of their daily lives
* Two-thirds of students say a mobile device is the most
important technology in their lives
* About 91% of college students and 88% of the
employees surveyed said they had Facebook accounts
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MOBILESThe new Best Friend
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Indian youth prefers WhatsApp, Facebook over SMS, calls: TCS
Survey
In India, 50% of the youth (age 15-24) connect to the Internet
through their mobile phones per day while 12% do it once a
week and 13% once a month..
Of the Indian mobile users that do access the Internet via their
mobile phones 79% checked their email, 67% use it for social
networking, 54% used it to search, 51% chatted online and 23%make online purchases.
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When comparing Internet usage to watching TV, 56% of
the youths (age 15-24) in India who use the Internet
spend more than 2hrs online/weekday and only 44%
spend more than an hour watch television/weekday.
On the weekends Internet usage for Indian youth
Internet users increase as 69% spend more than 2hrs
online, while those that watch TV more than 3hrs make
only 35% of the age group.
Youths in India that use the Internet look-up companyand product/service information on social media pages
the mostly (67%), with visiting the company website site
or online news as a secondary source (54%) and visiting
review sites a third most used source (42%).
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In the survey responds mostly research mobile phones
online before purchasing one (85%), followed by
laptops/tablets (79%) and cars/bikes (67%).
61% of all the Indians surveyed have been using the
Internet for more than 2 years, 19% between 1 and 2
years, and 20% for less than a year.
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Financial Knowledge
Study by IIM Students based on Visa FinancialLiteracy Survey
Sample Size consists of 1000 students and 1000early jobbers
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Financial knowledge component measures understanding of interestcalculations, relationship between inflation and return, inflation and
prices, risk and return, and the role of diversification in risk reduction.
Variation in financial knowledge by demographic
and socio-economic subgroups
Gender Domicile Education Income
Females score
less than males
but this is in line
with
internationalexperience
Employees with
rural
background
perform worse
than those withurban
background
Employees with
rural
background
perform worse
than those withurban
background.
Respondents in
the higher
income groups
appear to have
greater financialknowledge.
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Awareness of Financial Products
Only about 7% among the young employees have heard of all thecommonly available products
Awareness about even fixed deposits, a very common product availablewith the banks, is not universal.
More than half of the young employees are not aware of employeespecific vehicles for long-term wealth creation like PPF and pension-fund.
Awareness about many of the financial market saving vehicles, likeshares, bonds, and mutual funds is not very high
About one-fourth of the employees seem to be aware of only threeproducts, which include savings account, fixed deposits, and insurance.
Less than a quarter of the respondents depend on independent financialadvisers and advertisements..
As one would expect, the young employees appears to rely more on theinternet as a resource of information. They also seem to rely relativelymore on their own experience.
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Axis Bank
IDBI Bank
South Indian Bank
Tamil Nadu Mercantile Bank
Vijaya Bank
Indian Banks Offering Youth Banking Services
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Axis Bank- Launched in November 2012, the product, named 'YOUth account'is targeted at the youngsters, particularly students, in the age group of 18-25 years
IDBI Bank- Launched in August 2012, the Being Me account is targeted atthe youth, in the age group of 18-25
South Indian Bank- The Youth Plus Account launched in the year 2007 istargeted at the newly employed youth and students in the age group of 20-35
Tamil Nadu Mercantile Bank-Targetedat the 17-35 age group
Vijaya Bank- The V Genuth Savings Bank Account is an account targeted atstudents. Any one of the age 0-18 and any student more than 18 years of age can
open this account
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AXIS BANKYOUth Bank Account
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PROS CONS
Separate mini website with vibrant
colours and youthful language.
Zero balance Account
Customized and self designed debit
cards
Online Money pulled from parents
account as per limit set by them
Offers on movie tickets, onlineshopping etc
Specialised YOUthmobile app for
recharging and transferring funds
Annual Debit Card fees of Rs.400
per taxes
Limited following of the Y app on
facebook
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IDBI BANK
Being Me
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PROS CONSZero Balance Account
Preference for Project workat Bank (subject to availability
of seats)
Training on financial planning
Discounted charges for
opening of share trading
account with ICMS
Online options to pay yourbills or tax
Preferential rate on
educational loan
Although it promises to tie up
with different merchants to
provide offers from time totime, they fail to live up to it
Although a loyalty points
program is in place, it is not veryyouth oriented
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South Indian Bank
Youth Plus
Bank Account
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PROS CONS
FREE for life International
Credit Card
Facility to open Depository
account.
Preference for Project work
at bank, subject to availability
of seats.
FREE subscription of
Students Economic Forum by
e-mail
Min Quarterly Balance of
Rs.1000
Penalty for non maintenance
of minimum balance Rs. 250
per quarter.
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Tamil Nadu Mercantile Bank
PROS CONS
Waiver of Demat
account opening charges
Stock Trading Platform
Facility for opening Offline
Share Trading account
with M/s. Religare
Securities Limited
Free Personal Accident
Insurance Cover
for Rs.1,00,000
Although it attempts to
cater to the youth it does not
have any features that would
instantly appeal to its target
audience
Min Quarterly Balance of
Rs.1000
Penalty for non
maintenance of minimum
balance Rs. 250 per quarter.
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VIJAYA BANK
V Genuth Bank
Account
PROS CONS
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PROS CONS
While banks like Axis and IDBI require
Rs.3000 and Rs.1500 to open the bank
account, this account can be opened
with merely Rs.10Zero Balance Account
Balance in Savings bank Account in
excess of Rs.10,000/- transferred to
Term Deposit Account in multiples of
Rs.5,000/- to earn more interestNo fee for payment of School fees,
Hostel fees, etc. through the account
Offer of Education loan at concession
of 0.50% on the prevailing rate, in
recognition of continued relationship.Interest earned on credit balances in
VGenU TH is presently free from
TDS provisions
Basically a product catering to
students. The scheme is not available
to salaried youth
Due to the nature of product the
account has been tailored to be
handled by the guardian
Gets converted into a normal
savings account on attainment of
majority
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