In contrast to other investment options such as cryptocurrencies, stocks, mutual funds, or fixed deposits, Gen Z and other young Indians are increasingly choosing gold as their top investment option, according to a recent nationwide poll. But they are now purchasing gold in a very different way. They are now making smaller, more intimate purchases rather than large, family-led ones.
Five thousand people between the ages of 18 and 39 participated in the poll. It demonstrates that purchasing gold is no longer solely a family custom. Nowadays, a lot of young consumers view it as a wise and individual financial decision.
According to the results, 61.9 percent of respondents stated that if they had Rs 25,000 to invest today, they would go with gold. Compared to stocks (6.6 percent), fixed deposits (13 percent), mutual funds (16.6 percent), and cryptocurrency (1.9 percent), this was significantly greater.
Regarding difficult economic conditions, 65.7 percent of respondents stated that gold seems like a safer choice than stocks, mutual funds, or bank savings. This demonstrates that gold is still viewed as a secure backup by both Gen Z and millennials.
According to the report, a large number of young people choose when to purchase gold on their own. Approximately 66.7 percent of respondents stated that purchasing gold nowadays is mostly a personal choice rather than one that is primarily influenced by family. Additionally, 42.3 percent of respondents stated that they initiated their most recent gold purchase at home, whilst 40 percent stated that their parents or elders did so.
This demonstrates how generations differ from one another. Gen Z is more comfortable choosing to purchase gold on their own. However, millennials continue to view gold as a component of long-term safety and family planning.
The practice of making large, one-time gold purchases is gradually declining. Rather, consumers are opting to purchase smaller quantities more frequently.
Approximately 61.9 percent of recent gold purchases weighed less than 5 grams. Of these, 34.4 percent purchased between two and five grams, while 27.5 percent purchased less than two grams. Additionally, 58 per cent of households still buy gold primarily for exceptional occasions, although 42 per cent of households increasingly choose smaller, more frequent purchases.
Gold is no longer only associated with weddings for many young consumers. About 24.3 percent of respondents stated that they bought their first gold item after receiving their first paycheck. Twenty-nine percent more claimed it was solely for investment. Additionally, according to the study, 52.7 percent of respondents are extremely inclined to purchase gold within the next 12 to 24 months.
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