There are high expectations from this well-informed young generation who prefer better quality and best services. Owing to these qualities, it is not an easy task to allure into buying. Hence, Kunjal Karaniya tries to decode this uber ‘Gen Y’ for you.

India's consumption tale is integral and will be determined by its urban mass as pointed out in the report on the Indian consumer by global financial major Goldman Sachs. "We believe most of the new generation of India's youth will first fall into urban mass, a cohort that is 129 million people today, earning $3,200 on average. The expansion of urban mass, both in size and income level, will be the key driver of India's consumption story," analysts Joshu Lu, Anita Yiu and Aditya Soman note in the report titled 'India Consumer Close-Up'.

Within the youth segment, the analysts say it is the 440 million millennials and 390 million GenZ individuals (that is, people born after 2000) who will shape the consumer story. "The sheer size of India's youth combined with improved education paves the way for sustained growth in purchasing power and makes India's consumer story one of the world's most compelling for the next 20 years," the analysts said.

Jewellery retailing in India is going through an enormous revolution which is growing by 25 percent at present. No more is jewellery considered just as an investment option, but rather is more of a fashionable accessory. The designer or luxury jewellery is in great demand these days as compared to the traditional gold jewellery. All this is happening owing to the wave of young generation in India which is brand and fashion conscious and opting for innovative products even in the jewellery space.

According to a recent study by ASSOCHAM and YES Bank, regardless of economic slowdown, the Indian luxury market grew 25% till 2015 and reached $15 billion. The study noted that the categories with tall growth rates in 2015 like luxury jewellery, personal care, electronics, SUV cars, fine dining are anticipated to grow by 30-35 per cent in the coming years. This draws a positive conclusion for the gems and jewellery industry.

Nevertheless, in a contradicting survey by the Diamond Producers Association (DPA) states that the millennials are not fascinated by jewellery, especially the precious and costly diamond jewellery as they would like to choose other luxury items like the gadgets, travel to places and more. In a recent survey among 1,335 affluents, 18 per cent of whom are Millennials, Unity Marketing discovered that affluent Millennials (aged 24-34 years and incomes $100k and above) derive far more pleasure from their technology purchases than they do from buying fine jewelry. For example, some 46 per cent of Millennials said buying technology is a category that gives them great pleasure, as compared with 25 per cent who felt the same about jewellery. This finding is particularly relevant to jewellers since the commitment to pre-purchase research and spending levels are very similar for technology and jewellery.

 If this stands true, it is very important to know the traits of millennials well in order to lure them into buying jewellery. While trying to decode the Indian millennials, Gulf News perfectly presented this report: Your guide to understanding who they are and what they want

1. There’s 700 million of them

The United Nations recently said that India will become the most populous country by 2022, when it will draw even with — and exceed — China at 1.4 billion people. Nearly 60 per cent (701 million of the 1.2 billion estimated during the 2011 census) are under the age of 30. That’s more than the 503 million residents of the European Union and double the US population. They’re the best-educated generation in independent India and most likely to drive the country to long-term prosperity.

2. They’re traditionalists at heart

Like others of their age group worldwide, Gen Y appears comfortable in the nest. At least 57 per cent live with their immediate family, with only 22 per cent having set up on their own, a 2013 JWT Intelligence survey of Bric millennials found. Attitudes towards marriage may have something to do with this — while 83 per cent believe it is important, more than 50 per cent aren’t comfortable with the idea of getting married, and 65 per cent feel it prevents people from living the lives they want.

Tradition is important to them. The country’s much-touted diversity means more than 60 per cent want to bulwark their own language, food, music, dress, dance and religious customs against globalisation’s wave of homogeneity.

3. They’re ambitious

The children of liberalisation see a clear path to the top. Eighty per cent of Indian millennials aspire to lead or reach a management position within their organisation, according to Deloitte’s 2015 Millennial Survey. Indian companies appear to prize their talent more than elsewhere. More than half of the Indian respondents felt their current employer valued and was making full use of their skills, as compared to only 28 per cent worldwide. 1

According to data from branding agency Universum Global, high salaries are just one reason for ambition. The opportunity to coach and mentor others also rates well.

4. They’re talented and will work for a purpose

This is the most socially conscious generation of all time. Perhaps because of India’s developing world problems, its youth are ahead of the pack on this front. Deloitte found that a whopping 89 per cent believe their company has a strong sense of purpose, which 86 per cent can understand and relate to (compared to 80 per cent and 66 per cent worldwide).

Like their counterparts elsewhere, however, Indian millennials want to close the gap, and believe senior leadership should be focused more strongly on long-term goals, making a positive contribution to society and employee wellbeing. Nearly 70 per cent of Indian millennials will deliberately seek employers whose corporate responsibility behaviour reflects their own, PwC found.

5. Women don’t believe in a glass ceiling

Most female millennials believe they’re headed for corner offices. Seventy-six per cent of respondents in a female-focused PwC study said they expected to rise to the most senior levels within their organisations, as compared to a global average of 49 per cent.

However, 74 per cent of Indian females surveyed felt that opportunities are not equal for all. When asked about being promoted from within, 21 per cent felt their employer was male biased. That chimes with Deloitte’s findings: men appeared more likely to pursue the top job within their company than women (59 per cent versus 47 per cent).

6. They’re into tech and working for themselves

The Indian software cliché rings true after all. Technology, media and telecommunications (the TMT grouping) are the most attractive industries for Gen Y, with men twice as likely to favour the sector. According to the Deloitte study, 64 per cent wanted TMT jobs, followed by professional services and the public sector (53 per cent each). Just over half want to work for an established global business, but many have an entrepreneurial streak — not only are they twice as likely as their parents to launch something of their own, 35 per cent already run businesses on the side.

7. More are working abroad than ever The joke goes that Neil Armstrong met the owner of an Indian tea shop on the moon. More than 28 million Indians live and work abroad, as per the Ministry for Overseas Indian Affairs, and that number looks set to rise even further. Some 83 per cent of Indian millennials believe international experience is necessary to further their careers, compared to a global average of 66 per cent, PwC data shows.

 How Millennials Shop

Without any doubts, Millennials are most influential demographic groups and there are about 150 million of them in India. With numbers so high, much research has been undertaken to find out the budding trends among this group to reach them better.

Mindshare reports that the top five values of importance to Millennials are:

• Honesty • Trustworthiness • Responsibility • love • loyalty

Mindshare also calls Millennials the most educated generation in history. Grown up in an ever more service-based economy which demands intellect over power; thus intellect is the chef ingredient to communicate. For them, intellect means originality, humour, self-awareness, inquisitiveness, knack to defeat slur, social aptitude and cultural awareness. Hence, it is important to know how can retailers marry these values into their product to allure this highly informed generation.

One of the best ways is by showing compassion and true intent. Millennials like to know they are following brands that carry their principles.

Relationships also are most important for the Millennials.

According to Mindshare report, traits Millennials demonstrate and also look for in others include:

• acceptance • no judgments about lifestyles or behaviours • Forgiveness • being a good listener

Millennials shop strategically, so when it comes to shopping, below mentioned points define them: • The more audacious Millennials are less steady than the previous generation in where they shop, but they’ll pay extra for products they value. Millennials, who have a fondness for unique items, tend to shop locally and from retailers with whom they can set up a relationship. They give more importance to the unique and customization.

• Millennial consumers have individual inclinations, which in many ways differ from preceding generations. They show less attachment to the traditional jewellery than their parents. They prefer late marriage which affects their jewellery buying patterns. They are cost conscious, fashion conscious and brand conscious. They’re characterized as well-educated, entrepreneurial, tech-savvy, idealistic, and hopeful. They take on less debt.

• “Millennials just aren't buying the traditional jewellery marketing paradigm that worked for previous generations.

They need messages that are relevant to their lifestyles and a generation that is delaying, even foregoing marriage, in growing numbers doesn't necessarily care about researching the 4Cs or spending three month's salary on a chunk of pressurised charcoal,” says Pam Danziger, President, Unity Marketing and author of a new study, Marketing to Millennials: How to Sell Luxury Jewelry to the Next Generation of Affluents.

• They have a tendency to be extra value conscious, extra concerned for environment, sustainability and ethics. Globalization at the turn of the century helped to expose Millennials to the world. Having the world open to them via cable and the Internet, Millennials feel a responsibility to take care of it — and in turn hold companies and institutions to the same standards. Millennials vote with their purchases. They shop and buy products and services from businesses that prioritize social causes that align with theirs, including the environment.

• This tech-focused group enjoys instant access. 81% of Millennials are on Facebook, according to Pew reports. They’re savvy web researchers and love to comparison-shop. They’re more likely to use text messaging, social media, instant messaging, and blogging to communicate with others about a service, product, or brand (Goldman Sachs’ Proper Insights & Analytics for the Media Behavior and Influence Study). 60% of Millennials actively rate products online vs. 46% of other generations.

 Tapping this ultra-generation

“These Millennials would much rather drop $700 on the latest phone or tablet computer, than on a new pair of earrings or cuff links. Marketers and retailers need to discover how to change the conversation, so that buying jewellery is as fresh and exciting as the latest iPhone,” Pam Danziger says. Golden Gate University psychology professor Kit Yarrow told Jeweler’s Circular Keystone, millennials have a different idea of success. “The psychology of this generation is not that of a depression generation.... Status for this generation isn’t about money—it’s about attention,” Yarrow explained. “Previous generations got that Chanel handbag or 3-carat diamond to tell the world they made it. This generation has already grown up in a time of unprecedented prosperity.... Their expectations are much higher.”

The sheer proliferation of technological gadgets available on the marketplace—yes, some even at the same cost as fine jewellery—further dilutes the spending pool. If jewellery used to be the ultimate lover’s gift on birthdays and anniversaries, iPhones are the new way to say I love you. As Stanford lecturer and entrepreneur NirEyal sees it, this represents a simple shift in economics.

“Just the fact that these things are now available [has changed the market]. Of course [technology is] going to pick up an increasing share of wallet,” Eyal says.

“It’s not a conscious trend of displacing money from here to there, but it’s more of an economic imperative.” But it’s not all Kindles and iPhones; according to the De Beers report, Millennials are choosing to spend their dollars on experiential activities over luxury goods as well. Travel—and its intersection with technology—is a huge area of growth for Generation Y, with 49 per cent of Millennials booking and planning travel on mobile devices, and 40 percent going on to share their trips on social media. Nowadays, keeping up with the Jones’ has gone global, and an everlasting Facebook album from that scuba diving trip in Bali says so much more than one lone photo of a pave diamond necklace.

In an attempt to counteract the trend, the Diamond Producers Association, a global trade group of seven of the world's leading diamond producers, launched an advertising campaign to win over the hearts, minds and wallets of millennials. Its slogan is "real is rare, real is a diamond." This effort follows the relaunch last fall of the iconic "a diamond is forever" advertising by De Beers, the world's largest diamond marketer.

Points that be considered while selling your product to the millennials:

• Tell your story and build a story around the jewellery piece, talk about the creativity, hard-work by the artisans, and history about the technique used as millennials love to feel connected. Don’t try to sell as investment but rather sell with some emotional connect

• As mentioned earlier, they are very well informed, so it is advisable to be authentic and transparent. Let them know all about the jewellery they are interested in; they are more likely to trust you

• It is very important to be in tandem with the ever changing trends

• Create unique and personalised buying experiences with best services offered. Deliver promising and good after sales-service and peer influence is at the peak in the millennials

• Build relationships, it will help them be loyal to your brand. Speak their language; do not be so formal, they will feel the ease

• Invite them to collaborate like personalization or something they can create on their own

• It is very important to have an updated online presence, especially on the social media. Social media helps to connect with the millennials much faster

• Run campaigns like part proceeding to charity, eco-friendly sourcing and more as millennials are socially responsible

Millennials have lived the changed new-age world; have got never-ending options and customisation, are driven by technology and globalisation which is all new for the bygone generations. This coloured reality has made them believe everything and anything is possible and hence their expectations are tall high when it comes to spending.