77% of young Indians now spend the most on phones, apparels: Report

Indians aged between 18 and 34 now spend the most (77 per cent) on mobile phones and apparels and over 65 per cent of them use personal funds for such purchases, a report has shown.

Among the rest, 26 per cent seek financial help from friends and family and 7 per cent rely on loans for such purchases, according to data shared by Moj, the country's largest short-video platform.

The report found that over 77 per cent of young India spends most of their time watching short videos, followed by 16 per cent on news and entertainment channels and 7 per cent on television and OTT.

About 60 per cent of young India's purchase decisions are influenced by short video and social media followed by online platforms and television.

Offers and discounts are one of the top influencing factors for more than half of young India's purchase decisions, followed by the reliability of products, convenience, and free shipping, the findings showed.

"Young India today is fearless and confident, and the short video format offers them an open canvas to demonstrate their creativity to the whole world. Short videos are also increasingly becoming the go to entertainment format," said Udit Sharma, Chief Revenue Officer, ShareChat and Moj.

With over 300 million monthly active users (MAUs) and 50 million creators, Moj is the preferred destination for short video content in the country.

"Young India uploads 3 million videos on Moj each day and spends 34 minutes on average per day on the platform," said the company.

--IANS

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