Market transit: “baby boomers” vs “digital generation”
If in the previous 10 years the consumer market lived up to the "baby boomers" born before Kazakhstan gained independence, then in the next 10 years it would have to be kept up to the "digital generation", which does not know the world without a smartphone. Every citizen of Kazakhstan has on average started to consume 20% more goods and services over the past 5 years. The domestic market has increased by more than $24 billion under the influence of economic and demographic factors.
All in a breath, large-scale structural changes are taking place in the consumer market:
- they began to use cash less, replacing them with mobile transfers, card payments and contactless;
- we can make purchases without leaving home, and if there is not enough money, then with a few clicks get a loan;
- we order food delivery from our favourite restaurant, call a taxi, find specialists for repairs and housework via mobile applications;
- listen to music, buy movies and video games, take educational courses and get medical advice online.
The year 2020 – the COVID-19 pandemic and social distancing influenced these processes, significantly accelerating the “digitalization of consumption”.
The speed of the changes taking place and the different propensity to adapt to them of different age groups form their own, familiar and preferred ways and methods of consumption for each generation of Kazakhstan citizens. At the same time, the intergenerational gap is growing, which will significantly impact the structure of the domestic market in the next 5, 10, and 15 years.
We have considered the following in this study:
- How did the “baby boomers” generation affect the scale of consumption?
- What will change in the consumer market with the increasing influence of the “digital generation” of Kazakhstan citizens?
Read more in the paper
Alexander DauranovExecutive Director
15 November 23
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