It’s the age of speed. Of smartphones, of sleek cars, fast-computing laptops, supersonic airplanes and luxurious cruise-liners. An age of innovation which is continuously being propelled further with the huge amount of money being invested in the economy and flowing through it as people spend and consume like never before, with the help of their high salaries, an attitude of ‘carpe diem’ spreading among the populace like never before, and aided by the era of consumerism assisted by the very nature of the modern marketplace and the impact of advertising.
With the advent of the communication and information age, people are earning more, but unlike earlier, when Indian society was firmly based in the tradition of saving and planning for the future, now they are spending more, influenced by the capitalist economies and tendencies of the west, through movies, and by the urge to ape their culture.
The rise of nuclear families, more and more women entering the workforce, dual income families, ease of accessibility and convenience due to the growing number of ecommerce sites which provide massive discounts and a high-end shopping experience all from the comfort of one’s home, all of this is leading towards greater spending as people spend on numerous items which they may not necessarily need, but do desire, after being convinced by ads to that effect.
Youth, unlike people of elder age groups, like to live in the present and are not worried about saving or making a convoluted long term plan. It is the age of instant gratification, and what sector better defines it than the people under 25 who are earning high salaries and with the aid of money, have finally the ability to fulfil all of their materialistic needs?
Indeed, this is seen in the clichéd stereotype about women – and even men – spending after breakups and buying a lot, portraying shopping as the panacea to all their troubles, and in today’s age, it does seem to be quite true.
Students who have studied further and further before entering the workplace, and who have done well there, have been placed in high-paying jobs, especially those graduating from well-known B-Schools. These youngsters are drawing high incomes, and without the need to support a family just yet, they have a lot of money to burn – and burn they do, whether to satisfy all of their needs, to go on luxurious vacations, travel the world, or just give their parents and families massive gifts as a token of their gratitude, it is all a by-product of having huge disposable incomes, the kind which are rising fast.
Indeed, in the global economy, for the visionary and the achiever, the sky is the limit, and all of these youngsters are highly ambitious, intelligent and with a drive to exceed expectations and succeed. In such a case, their disposable incomes will continue to rise, and their spending patterns will continue to show an upwards trend, as long as they are free from the shackles of responsibilities and familial duties.