The average millennial may not think twice to spend money on designer shoes and wearables, but that does not mean they are not saving for a rainy day either. And several studies show their proclivity to insurance products.
The Indian millennial consumer base is a force to be reckoned with, comprising nearly 440 million individuals – approximately 34 percent of the country’s population and 46 percent of its workforce. Brands and marketers are constantly attempting to figure out what makes these young consumers tick, scrutinising their online behaviour and purchase habits at each stage. This cohort is a particularly lucrative segment for financial service providers, given their longer consumption horizon and relatively higher appetite for risk as compared to preceding generations.
One of the biggest drivers for millennials to take a decision regarding any product or services is the level of digital accessibility offered by brands. However, when it comes to financial products and services, these consumers are far-sighted and are getting started on their long-term financial wellness at a young age.
According to research by Morgan Stanley, millennials are among the highest users of smartphones and mobile internet, spending nearly 17 hours online, predominantly on mobile devices. Both banks and fintech companies are leveraging their proclivity to the digital by providing easy and quick access to bespoke products and services, along with a plethora of information to help them make the right decisions. While their preference for digitally accessible investment and wealth-creation products continues to see consistent growth, another segment of financial services that are starting to higher growth is insurance.
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