The millennial population in India comprising of those born in the 1980s and 1990s is a revelation to marketers as they form a formidable market for a variety of products and services. In order to cater to this market, marketers would do well to understand the psyche of this group of people.

Several studies indicate that characteristics of the Indian millennial population include

  • Unaware of manual operations as computerization had taken firm root in the country
  • Learning about the outside world through the power of the Internet
  • Grew up with modern means of transportation – high tech two-wheelers, four-wheelers, buses and metros and taxis
  • Evolved with the penetration of Smartphone revolution
  • Becoming tech savvy and spreading the benefits of technology to their families and influential circles

Born and brought up when India was adopting new technologies, the millennial population is a group in a hurry to bring in a revolution. As per a report (http://gulfnews.com/gn-focus/country-guides/reports/india/7-things-you-need-to-know-about-india-s-millennials-1.1565524), Indian millennial population is

  • Likely to exceed 700 million by the year 2022
  • Rooted in tradition
  • Ambitious
  • Talented and purpose driven
  • Gender insensitive
  • Tech-savvy
  • Self-motivated

Besides, the millennial population is not averse to trying new concepts and this is more pronounced in the way this group of people approach personal transportation.

They are perfectly attuned to buying used cars as they find that modern cars are technologically superior without too much of maintenance issues. Thus, the used car market gets a fillip from the millennial population who are aspiring to own cars. What the millennial group sees in used cars include

  • Range of cars – hatchbacks, sedans, MUVs, SUVs
  • Choice of technology
  • Choice of style options including funky colours and dynamic shapes
  • Choice of fuel – electric, CNG, petrol, diesel and hybrid

The used car market allows the millennial population to indulge in their passion for trying out new things.

Pandering to the requirements of the millennial population, various stakeholders in the industry such as the automakers, used car dealers and BFSI companies offer products and services that the millennial population lap up with glee.

While auto makers have developed a robust used car market in the form of pre-owned cars, financial institutions including NBFCs such as Tata Capital have energized the used car market by offering used car loans to the aspiring millennial population with attractive offers in terms of interest rate, tenure, affordable repayment options and amount of loan. They provide seamless processes by linking up with used car or pre-owned car dealers that can ensure the borrower gets a used car within a short time with minimal procedural formalities. Since the millennial population is tech savvy, they use technology to assist them in reaching out to prospects through the power of online processes.

Barring the used car registration documents everything else is done in a paperless environment.

With the availability of used cars and the loan processes to acquire one, the millennial population is in a position to own cars quite easily. What is more, they can fuel their passion by choosing from a wide variety of options.

  • Range of cars – hatchbacks, sedans, MUVs, SUVs
  • Choice of technology
  • Choice of style options including funky colours and dynamic shapes
  • Choice of fuel – electric, CNG, petrol, diesel and hybrid

The used car market allows the millennial population to indulge in their passion for trying out new things.