Gen Z to Drive India's $1.3 Trillion Consumer Market by 2030

According to a report by Redseer Strategy Consultants titled "Gen Z: Defining Trends, Influencing Spends," this generation is expected to make up around 27 per cent of India's population by 2030 and command nearly $1.3 trillion in consumption.

The report defines Gen Z as those born between 1997 and 2012 and highlights how their lifestyle choices and spending habits are already reshaping several industries.

Unlike earlier generations, Gen Z consumers tend to prioritise experiences, aesthetics, sustainability and digital convenience when making purchases.

The report notes that this generation places strong importance on self-expression and authenticity. Rather than sticking to traditional labels, Gen Z consumers prefer inclusivity and value-driven choices, which also reflect in their buying behaviour.

One sector seeing a major impact from Gen Z spending is beauty and personal care. By 2030, the generation is projected to contribute nearly $19 billion to India's beauty and personal care market.

The report notes that one in two Gen Z women spends more than 20 per cent of her disposable income on such products. Their routines have also become more detailed, with separate products being used for skin, hair and body care.

At the same time, brand loyalty among this group is relatively low. Instead of sticking to a single brand, Gen Z consumers are more willing to experiment with products that better suit their needs.

Beauty trends among Gen Z are also becoming increasingly gender-neutral. A growing number of young men are adopting skincare and grooming routines.

Online interest in men's skincare has surged significantly, with searches for "men's skincare routine" increasing sharply over the past five years.

The report also points to emerging interest in men's cosmetology and grooming services, including acne concealment, fillers, hair removal and brow styling.

Fashion is another sector where Gen Z's influence is expected to grow rapidly. By 2030, the generation is likely to drive about half of India's fashion market, including apparel, footwear and accessories.

- IANS