Traditionally, marketers have viewed Millennials as a very desirable customer segment because of the size of the cohort and their digital responsiveness. However, Gen X, the generation that directly precedes Millennials, is now emerging as equally digitally savvy, posing a big opportunity. Agile marketers would do well to turn their attention to Gen X users while continuing to focus on Millennials.
IMPACT OF CHANGING DEMOGRAPHICS
Birth rates have begun dropping in India. So, while the dominant age group of 25-35-year-olds have been growing for the past decade, they will decline starting 2019, as less children grow into that bracket.
According to census data, the proportion of 25-35-year-olds to the overall population in India has grown over the last decade, a trend that will continue for a few more years. By the year 2019-2020, people between 25-35 years of age will account for 22% of the Indian population.
The tide is expected to turn soon after, with year 2019 becoming the tipping point. Census data indicates that starting 2019, the size of the 25-35 age group is expected to begin declining. Within a decade from now, India’s population will keep growing, but the population of 25-35 year-olds will be about 263 million, which is less than what it is today.
According to the latest census data, 41-50 year-olds, who fall in the Gen X category, is the fastest-growing population segment in India. While these consumers constitute just 28% of the population, they contribute up to 42% of the population growth.
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