In a few hours, April 2020 could become an unusual month for the Indian auto industry. For the first time, not a single vehicle would’ve found an owner. It’s an unusual situation which has further compounded what was already a grim state for the industry. But the silver lining could become visible once the lockdown ends. A research study was conducted by the Laqshya Media Group and it has found some positives. It was conducted to help marketers figure out the perceptions, aspirations and anticipations of the Indian Millennial via-a-vis the ‘New Normal’ that the world faces today.
An online study was conducted, reaching 1104 respondents across the primary cities in India. The target group belonged to the age group between 18 and 39, across genders and representing both NCCS A and B. Summarizing all the reports and survey results has helped Laqshya assess the perceptions, aspirations and anticipations of the Indian millennials. The good news is that not only are the IMF and the RBI confident of India bouncing back – so are the Indian Millennials! The research talks about customer behaviour as per two primary age groups: 18-25 and 26-39. The analysis shows that each cohort responded differently to some of the questions posed to them, while they were statistically similar in response to others.
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For example, one of the questions was whether people will wait to visit malls, restaurants or any public places right after the lockdown is lifted. 75% of the entire respondent base responded that they will be back within 4 to 5 weeks. The younger people, 18-25, shared that they will hit the malls in an average of 23 days while the 25-39 cohort’s average wait time was 29 days! But 31% of the targeted group are more likely to use personal travel more frequently as compared to earlier. Around 12% to 14% of respondents intend to buy a car or a two-wheeler over the next 12 months as assets. It is interesting to realize that people have different mindsets towards outings, investing and travelling.
Similar to the aforementioned question, a series of questions were asked to the people from different ages, genders, backgrounds and professions. Majority of people responded that they want to meet friends and family after the lockdown. It was noted that younger people and women had a major inclination towards eating out. The millennials are optimistically cautious especially in investing money or procuring assets. 53% of the respondents want to invest in fixed deposits, but more than 40% of them continue to have faith in mutual funds, and more than a quarter anticipate investing in the stock market.
The millennials also want to invest more in education and development of their skills, which will surely give a boost to the education sector. In the advertising world, print and outdoor media have taken a major hit as people during the lockdown had little option but to move to digital news portals and OTT platforms. Most of the population is binge-watching on all the major OTT platforms. Video calling apps have also gained great popularity thanks to official meetings and social hangouts being restricted to our laptop/mobile screen.
Will these trends stay after the lockdown ends? On that note, 36% of the respondents said that their online shopping will increase, and whopping 86% say that they will notice OOH advertising as much or more than they did before! References from the reports by The Reserve Bank of India, The International Monetary Fund and McKinsey & Company were also taken into account while making the report.
Atul Shrivastava, Group CEO, Laqshya Media Group believes that people in India are committed to fight and win over the current situation. He said, “There is a huge consumption of every product in India and there will be eagerness amongst the brands to become the first choice for every consumer. This is likely to fuel the demand for advertising sooner than most nay-sayers predict.”
Alok Jalan, Managing Director, Laqshya Media Group, is positive of the way ahead, “Although some industries have taken a major hit, others like the e-commerce businesses have a lot of scope ahead. This is also a good opportunity for traditional businesses to evolve their digital presence. If we are able to contain the pandemic shortly then there is a scope for the market to bounce back and show growth.”