Not every millennial is quite the same

“When you’ve seen one, you’ve seen them all”… how true is that really with millennials across the globe?

Millennials - a large population of 1.8 billion people and the largest generation currently. People tend to lump them all together under the “Millennial” label despite the large age range (early twenties to late thirties). It makes you wonder if the differences between millennials across the world are overlooked too.

The large majority of millennials1 around the world live in Asia, according to management consulting company A.T Kearney. In absolute numbers, India, China, the US, Indonesia and Brazil have the largest millennial populations globally.

Whether they live in developing or developed countries, millennials tend to live in cities, are tech savvy and enjoy cross-border shopping.

But not all millennials are quite the same. Depending on where they live, they differ in:

  • How they make purchasing decisions:

For the millennial consumer2 of developing economies like India and China, it’s the brand, wealth and status. Wealthier than their parents and grandparents due to rapid income increases, millennials in developing economies are driven by the urge to have what previous generations did not.

Reports suggest that they favour expensive tech products (like the latest iPhone) and luxury brand goods.

Millennials of developed economies like the US on the other hand have a more frugal mindset and scrutinising attitude towards brands. They’re concerned more with the authenticity, environmental-soundness and value of the product than the actual product itself.

  • How they view their future:

Millennials in developing economies seem to be more optimistic about their future than those in developed economies.3 They foresee a lot more growth for their economy and expect to be financially better off and happier than their parents.

In a sense, the future does seem brighter for millennials in developing economies. There is still much potential for their countries to grow, with many new and unprecedented opportunities through the introduction of new technology and jobs. So it is highly likely they will be the wealthiest generation of their country ever.

Global] With millennials a prime target market for businesses and institutions, understanding the differences between millennials around the world can help investors identify sustainable business models. Eastspring Investments is present in eleven Asian markets – home to the world’s largest millennial population. We have our finger on the pulse of the trends that will shape tomorrow’s investment landscape.

Sources:
1 https://www.atkearney.com/web/global-business-policy-council/article?/a/where-are-the-global-millennials-
2 https://blog.euromonitor.com/how-digitalised-millennials-differ-in-developed-and-emerging-markets/
3 https://www2.deloitte.com/content/dam/Deloitte/at/Documents/human-capital/at-deloitte-millennial-survey-2018.pdf

This document is produced by Eastspring Investments (Singapore) Limited and issued in:

Singapore by Eastspring Investments (Singapore) Limited (UEN: 199407631H)

Australia (for wholesale clients only) by Eastspring Investments (Singapore) Limited (UEN: 199407631H), which is incorporated in Singapore, is exempt from the requirement to hold an Australian financial services licence and is licensed and regulated by the Monetary Authority of Singapore under Singapore laws which differ from Australian laws

Hong Kong by Eastspring Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.

Indonesia by PT Eastspring Investments Indonesia, an investment manager that is licensed, registered and supervised by the Indonesia Financial Services Authority (OJK).

Malaysia by Eastspring Investments Berhad (200001028634/ 531241-U) and Eastspring Al-Wara’ Investments Berhad (200901017585 / 860682-K).

Thailand by Eastspring Asset Management (Thailand) Co., Ltd.

United States of America (for institutional clients only) by Eastspring Investments (Singapore) Limited (UEN: 199407631H), which is incorporated in Singapore and is registered with the U.S Securities and Exchange Commission as a registered investment adviser.

European Economic Area (for professional clients only) and Switzerland (for qualified investors only) by Eastspring Investments (Luxembourg) S.A., 26, Boulevard Royal, 2449 Luxembourg, Grand-Duchy of Luxembourg, registered with the Registre de Commerce et des Sociétés (Luxembourg), Register No B 173737.

United Kingdom (for professional clients only) by Eastspring Investments (Luxembourg) S.A. - UK Branch, 10 Lower Thames Street, London EC3R 6AF.

Chile (for institutional clients only) by Eastspring Investments (Singapore) Limited (UEN: 199407631H), which is incorporated in Singapore and is licensed and regulated by the Monetary Authority of Singapore under Singapore laws which differ from Chilean laws.

The afore-mentioned entities are hereinafter collectively referred to as Eastspring Investments.

The views and opinions contained herein are those of the author, and may not necessarily represent views expressed or reflected in other Eastspring Investments’ communications. This document is solely for information purposes and does not have any regard to the specific investment objective, financial situation and/or particular needs of any specific persons who may receive this document. This document is not intended as an offer, a solicitation of offer or a recommendation, to deal in shares of securities or any financial instruments. It may not be published, circulated, reproduced or distributed without the prior written consent of Eastspring Investments. Reliance upon information in this document is at the sole discretion of the reader. Please carefully study the related information and/or consult your own professional adviser before investing.

Investment involves risks. Past performance of and the predictions, projections, or forecasts on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of Eastspring Investments or any of the funds managed by Eastspring Investments.

Information herein is believed to be reliable at time of publication. Data from third party sources may have been used in the preparation of this material and Eastspring Investments has not independently verified, validated or audited such data. Where lawfully permitted, Eastspring Investments does not warrant its completeness or accuracy and is not responsible for error of facts or opinion nor shall be liable for damages arising out of any person’s reliance upon this information. Any opinion or estimate contained in this document may subject to change without notice.

Eastspring Investments companies (excluding joint venture companies) are ultimately wholly owned/indirect subsidiaries of Prudential plc of the United Kingdom. Eastspring Investments companies (including joint venture companies) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company Limited, a subsidiary of M&G plc (a company incorporated in the United Kingdom).