Millennials

This is the generation of people born after after 1982.If you go purely by definition I am a millennial too. Millennials are the generation born to the baby boomer generation.They are more confident and assertive but are facing unemployment due to effects of great depression of 2008-09.They are tech savvy and are brought up on internet,laptops and mobiles.In Indian context I feel a millennial is someone who was born in the 90s and there after.

But I am writing this because the behavior and habits of millennials will have huge impact on many industries.Its very important for companies to understand where millennials spend their money.Research shows they spend most of their money on three things.They are Uber,makeup and buying experiences. Spending more money on uber means millennials do not like to own anything.They don't even like to get into permanent relationships.So buying a car will be the least priority for them.

This means car companies will have very difficult time to increase their sales in coming times. Infact we may see a contraction in automobile sales world wide in coming days. Millennials don't like to have any permanent liablities. But they like to have many new experiences.They like to visit new places and are ready to spend more on uber or ola.But they are reluctant to buy a car.The biggest threat to automobile industry doesn't come from electric cars but it comes from app bases taxi services.