Millennials and Consumerism- An Empirical Study

ABSTRACT

Millennials include those born from 1980-2000.They are the future of the country and are the driving force for change in today’s world. Companies form their strategies and products considering mainly these millennial’s taste and preferences. The psychology of people has changed over the period of time. The increase in buying beyond what is necessary is termed consumerism. The items commonly purchased by the millennials on frequent bases include, electronic goods, clothes, accessories, home décor and all of them can commonly be termed as lifestyle products. The study tried to analyze millennials as the consumer base and what are the factors that affect their buying behavior which includes both psychological aspects such as the perception, conformity etc., along with that the external factors like increase in disposal income, rapid urbanization, advancement in technology, decrease in rural and urban divide, which may have contributed majorly in the change in buying pattern of the millennial generation.

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