Brands need to rethink their approach to millennial generation

Millennials have long been considered the most influential generation by marketers, the arbiters of all things innovative, cool and current. However, a report titled “Reaching Affluent Millennials” published by BBC Advertising shows that 79 per cent of the 106 million millennials in India are not so dissimilar in their beliefs to older generations. It’s only the affluent millennial subset, 22 million Indians (21 per cent), who represent the unique characteristics often applied to millennials as a whole. Globally, 84 per cent of millennials have similar characteristics to older generations, with 16 per cent being the affluent millennial subset. The affluent millennials have a unique relationship with money. In India, 77 per cent affluent millennials are likely to consider themselves much more affluent than average and 65 per cent agree money is the best measure of success which is 27 per cent more than the global audience. Seventy-four per cent of the affluent millennials in India feel they are proactive about investing money, 14 per cent higher than the global audience.