Millennials (also known as Gen Y) are the people who fall in the age category of 18-34 years. They are social, avid travelers and are also hooked to technology. With their spending power increasing by the day, they are also considered to be one of the quickest decision makers. Millennials interest and growth in mobile devices is increasing at a rapid pace mainly because of social media and entertainment applications.
There are 2.5 billion Millennials worldwide, about a third of the global population. By 2025, millennials will comprise 75 percent of the global workforce and by 2018, millennials will have the most spending power of any generation. With the growing beneﬁts of tangible services and range of connected devices globally, millennials’ addiction to mobiles has outgrown to a great extent. Mobiles play an inﬂuential role in their day to day decision making process.
This study gives an insight on the behavior of millennials in the digital world. It will help decision makers, especially in the Banking, Financial services and Insurance (BFSI) sector to design their speciﬁc business and marketing strategies in a more effective way. Thereby, gaining a competitive advantage by understanding millennials better.
Some of the questions that the study will answer
- Who are millennials and why are they important?
- Why are they so crucial for banking service providers?
- How much time do millennials spend on mobile devices?
- What percentage of millennials are savers and spenders?
- What time of the day are millennials active on BFSI* applications?
- What percentage of millennial savers and spenders are males/females?
- How many time millennials use BFSI applications daily for their decision making purpose?
- How can brands exploit these insights?