The Hindu Business Line : ‘Youth spending on apparel, accessories on par with elders’

New Delhi, July 2 The Indian youth spend almost the same amount annually on apparel and accessories as the elders in their household, revealed the IMAGES-AC Neilson Study on The Indian Wallet & Brand Share.

The report that ascertains the spending behaviour among the top-end urban customers in India, with a special emphasis on the youth segment, was released by Mr Hem Chandra Javeri, Senior Executive President, Madura Garments, and Dr Alo Ghosh of Techna at the recently concluded Delhi edition of the India Retail Forum, The Shop. Speaking on the significance of the report, Mr Amitabh Taneja, Chief of the Images Group, said: “The Wallet & Brand Share book will help brands and retailers better position their product offerings, store locations as well as their brand communication strategies to maximise their returns on investment.”

According to the report, the youth spend double of what their households spend on Internet usage, landline phones are passé compared to mobile phones and most young women prefer public transport while young men prefer private transport.

A zonal analysis done by the report shows that the disposable incomes of the working youth in the southern parts of the country are more than those of their northern counterparts.

Pocket money

The report also revealed that North Indian guardians spoil their wards with the highest levels of pocket money.

Also, there are more smokers in the eastern parts while the western states prefer vacations as means to unwind. Youth down South spend more on two-wheelers, while youth in the West spend more on mobiles.

The report also suggests that young men tend to spend almost thrice as much on gifts as young women. Also, while average annual credit card payments are around Rs 62,220, for young adults the average is around Rs 1.21 lakh, even higher for women. About 12-13 per cent of the youth in India have home or car loans, but only 7 per cent have durable loans to pay off.

“This study derives significance from the fact that this is a period of rapid growth of retail in India and there is every possibility that un-informed or ill-informed investment strategies may go wrong — the study helps to gain insights into consumer spending behaviour,” said Mr G.D. Singh, Director of Images F&R Research.

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