GEN Y : It Depicts the Generation Youth...
Now don't start thinking that why am just being centric to the Youth...
Yaar after all India is the youngest nation in the whole Damn World!!...
So youth are having or cashing in some decent amount of money on their disposal, so therefore the question arises where they like to spend these days or say how do they utilise it???...
See...there can only be 2 things...either Spending or Saving...
Spending is the 1st thing which comes to our mind....Movie with GirlFriend/GirlFriends, Designer Clothing, Swanky Watches, Outside Eating, Partying, etcccc......
This list can be endless....but at the same time, one also feels to save some portion of the money that one is having...
So lets see both the Perspectives...
With an avg disposable income available being around 4k - 10k, the spending is mostly on the entertainment part including movies, partying, dating, nightouts, outstation trips n so on....
The youth are becoming responsible day by day and are living their lives on their own terms, they decide what amount should be spent where & why....
Other Avenues of spending includes Transportation, Education, Eating, Clothing,etc...
Before going onto the savings part, would also like to mention some of the imp facts which shows that the youth from the rich class haven't really understood the importance of money as compared to the youth from the upper-middle,middle or lower classes and this is eventually shown in the spending habits.....
Lets now talk about saving, Saving is important for each n everyone be it a youth or their parents or even the senior citizens...Youth have seen the times where the share markets are booming and giving returns of 30-40% annually, investments in asset classes like debt, equity, gold, real estate, art for that matter of fact...
This has driven them to start with their savings at an early age of 18 or 20 yrs....As told by the Ace Investor Mr Warren Buffet "To have maximum returns for your investments, start investing as early as possible".....this was said in relation with the age....
Question arises why should we talk about the Savings & Spendings done by Gen Y????....
We are living in a country where the average age is 25 yrs
We are living in a country having a growth rate of 8.5% annually
We are living in the 4th largest Economy of the World in terms of GDP
We are living in the country where there is the largest inflows of the FIIs was there in 2007 @ 17Bn $
Cos like Wall Mart are coming into India to satisfy the every growing needs of the 1.2Bn consumers out of which 55-60% is less than 25yrs
Therefore, If India wants to become a Developed Economy by 2020, We got to understand the Saving & Spending Habits of the Youth.....Beacuse its just the Spending(Demand) & Saving(Supply) which Drives an Economy!!..
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