Research also revealed that class represents 70% of the mass income of the age group
Research carried out by Instituto Locomotiva, in a project contracted by Kwai for Business, showed that, if young people aged 16 to 34 from the middle class were a state, they would have the highest income in Brazil. The survey revealed that this age group is part of a generation of digital natives and creative consumers, who are increasingly close to brands.
The middle class in general represents no less than 70% of the population, accounting for more than 116 million Brazilians, 41.4 million of whom are young people. According to the survey, which interviewed around 1,500 Brazilians between 16 and 34 years old, the middle class considers social networks to be the second most important asset in their lives, second only to banking apps among younger people, and messaging platforms. snapshots for generation 35+.
The study summarizes how the middle class defines itself. Those aged between 16 and 34 within this segment highlight the racial dimension (41%), age (47%) and gender (58%) as important characteristics in defining their own identity. Among the population over 35 years old, this ranking changes a little and is composed as follows: role in the family (52%) in first place, followed by gender (50%) and work/profession (48%).
Among the subjects considered as important for this generation, music (60%) ranks first, and 7 out of 10 young people in the middle class consider meeting new artists to be of paramount importance. Career (57%) and well-being (56%) round out the top 3 on the list of interests.
In terms of identification, the group recognizes itself more with the brands than the more senior ones, with 72% revealing that they have one that defines their identity. The study also points out that, while the middle class aged up to 34 identifies more with sports brands, those in the same stratum aged 35 or over prefer those linked to technology.
The survey also reveals that the main consumption category among young people in this segment is clothing (60%). Hygiene and beauty (54%) and food to prepare (54%) make up the list tied for second place.
banking
Another point addressed in this diagnosis is how this public relates to finance. When it comes to accessing financial services, combining accounts between digital and traditional banks is the most common option for young and old alike. However, among the latter, exclusive use of traditional institutions is more common and, among the former, exclusive access to digital ones is more commonplace.
Only 12% of young people have accounts opened only in traditional banks, 28% in digital banks, 50% have both and 10% declared not having an account in any financial institution.
“This generation represents a market with a lot of potential in Brazil. They are a more digitized, more educated and more economically active public compared to the total population. These young people want spaces and platforms where they feel represented, 84% said they identify with brands that they bring elements of their daily lives and 77% prefer brands that value the country’s local culture, said Renato Meirelles, president of Instituto Locomotiva.
(Credit: Elizeu Dias on Unsplash)
