Gen Z is Prioritising Experiences over Ownership – Brands Must Adapt

Could you walk us through your journey from studying economics at the Delhi School of Economics to becoming a marketing professor at XLRI Delhi? What motivated this transition?

Studying at the Delhi School of Economics (DSE) was a long-cherished dream. It’s an institution that has been home to distinguished mentors, including Nobel laureate Amartya Sen, and has produced some of the most prominent economists in the world. My time there was transformative, igniting a passion for research that was nurtured by the vast academic resources and opportunities the school offered. I delved into various research projects, collaborating with organisations like FICCI and taking up specialised summer courses at the London School of Economics (LSE). This exposure piqued my interest in marketing, as I realised it could bridge my love for research with practical, real-world applications, particularly in the field of consumer behaviour. After that, I pursued my PhD in marketing from FMS, Delhi.

The shift to becoming a marketing professor wasn’t so much a transition as a natural progression. My inclination toward academia was not just about a love for research; it was about the joy of interacting with young, curious minds. Since childhood, I was drawn to the idea of teaching and learning simultaneously — a dynamic exchange that keeps me inspired every day.

How would you describe your teaching philosophy, and what methods do you find most effective in engaging MBA students?

I don’t strictly adhere to any particular teaching philosophy. In today’s digitally connected world, where knowledge is easily accessible, I see my role as fostering a space that allows collaborative learning. It’s not just about teaching; it’s about facilitating an exchange of ideas. My aim is to spark curiosity and encourage students to think in ways they wouldn’t if left to study independently. My driving force in the classroom is the quest for those “aha!” moments — where complex concepts click for students in unique and personal ways. Authenticity is key for me; I approach teaching without pretence or a façade of being a teacher, learning as much from my students as they do from me. This creates a symbiotic relationship that I find deeply fulfilling.

Engaging MBA students effectively requires a blend of creativity and authenticity. Crafting narratives, using real-world examples, and leading them to discover solutions themselves cultivates a sense of ownership in their learning. My goal is to create an environment where students feel empowered to explore and experiment with out-of-the-box ideas, rather than feeling the need to arrive at a single “correct” answer.

You’ve received accolades like the Top 50 Star Women Award and the Jaswant Kaur Memorial Award. What do these recognitions mean to you, and how have they influenced your professional path? How do you think these achievements have impacted your approach to mentoring and guiding students?

These recognitions are certainly gratifying, offering a sense of validation for the work I’ve put in over the years. The Top 50 Star Woman Award, sponsored by Axis Bank in Ludhiana, was for my efforts in promoting mindfulness. Over the past decade, I have been a mindfulness enthusiast, conducting regular sessions at various colleges, institutes, and even for the local police force in Ludhiana. At XLRI, I have also curated a management development programme (MDP) for senior business managers and leaders, focused on how mindfulness can improve leadership and team dynamics. The Jaswant Kaur Memorial Award was given to me for being the top student during my undergraduate years. While these awards were deeply rewarding at the time, I’ve made a conscious effort to reduce the influence of external validation in my life. They are a reminder of the importance of consistent effort, but my focus remains on the process, the learning, and the impact. I’m grateful for the recognitions, yet it’s the inner motivation that continues to drive me.

What’s the best piece of career advice you’ve received, and how has it shaped your career? Are there any research projects or initiatives you’re particularly excited about?

The best career advice I received was from a mentor who emphasised the importance of “standing on the shoulders of giants”. This phrase, often used in research, suggests that building on the knowledge and experiences of those who came before can propel you forward. It’s about acknowledging that the path to growth is not solitary. The best advice I would give to others is to be shamelessly curious. Don’t hesitate to learn from those with more experience — put your ego aside and absorb all the insights you can. You should carve your own unique journey, but direct learning from those who have already walked the path you intend to can offer the kind of exponential growth that is hard to achieve alone.

In your publication on mindfulness and conspicuous consumption, what key insights emerged about how mindfulness affects consumer behaviour?

In my research on mindfulness and consumer behaviour, key insights emerged about how mindfulness encourages more thoughtful and deliberate consumption. Mindfulness enhances self-concept clarity, leading consumers to make decisions based on personal relevance rather than social expectations or status symbols. This often results in a reduced desire for variety and a shift away from conspicuous consumption, enabling them to make choices that are true to themselves, even if they go against mainstream trends. In a separate study, we also found that mindful consumers tend to exhibit stronger brand loyalty, gravitating towards products that resonate with their personal values.

Your work includes a study on employer branding through social media. How can companies best leverage social media to build a strong employer brand?

To build a compelling employer brand through social media, companies must strategically highlight what makes them stand out as an employer, while consistently engaging with their audience. From our study of the top 50 companies listed in Forbes 2019, a clear pattern emerged: the most successful companies harnessed the power of social media to project a strong sense of their organisational values, particularly in areas like work-life balance, management quality, and social value. Interestingly, the analysis showed that while companies with higher ranks on the Forbes list made stronger and more effective use of social media, they were also more selective in their focus on key employer branding values.

What inspired you to research Instagram’s role in e-business, especially for the fashion apparel industry, and what were some of your findings?

The inspiration behind our research on Instagram’s role in e-business, especially within the fashion apparel industry, came at a time when Instagram was rapidly gaining traction as a platform for e-commerce. The introduction of the shopping button and the rising prevalence of Instagram ads presented an exciting new frontier for businesses, particularly for fashion retailers who could leverage their Instagram page to drive purchases without needing a website of their own. Through focus group interviews, direct consumer surveys, and testing a final model with 327 participants, we discovered that small, strategic changes in the Instagram page’s layout and content could significantly increase conversion rates. Key aspects like level of interaction, ease of navigation, and direct engagement through Instagram’s features played a pivotal role. The insights revealed how businesses, even without an independent website, can effectively drive e-commerce through Instagram by optimising their engagement strategies.

What are some of the most notable shifts you’ve observed in consumer behaviour in recent years?

In recent years, consumer behaviour has undergone radical shifts. One of the most notable trends is the rise of the empowered consumer, where digital-first behaviours dominate. With the majority of young consumers researching and engaging on social media before making a purchase, social networking sites have become integral to decision-making. Moreover, there has been a shift from ownership to experiences, especially among Gen Z, who are moving away from owning luxury goods and prioritising unforgettable experiences, such as travel and entertainment, marking a shift where memories take precedence over material possessions. To stay relevant, brands must evolve by curating experiences that foster deep, emotional connections. This is why luxury brands like Gucci now offer exclusive experiences, such as VIP fashion show access, while Airbnb highlights unique travel experiences like remote stays and private tours, shifting focus from products to memorable experiences. Additionally, we also see more consumers seeking authentic, personalised purchases over passive purchases, encouraging brands to pivot towards storytelling, sustainability, and purpose-driven messaging. These shifts demonstrate a clear evolution toward a more dynamic, value-driven consumer.

How do you see the role of mindfulness continuing to evolve in consumer trends, especially in an increasingly digital world?

With constant connectivity and information overload, consumers are seeking ways to manage stress and reclaim balance. Mindfulness-based offerings, such as meditation groups, transformative workshops, and guided meditation apps, are becoming increasingly popular as tools for mental well-being. For example, recently we have seen a rise in consumer interest in the global wellness tourism market and digital detox retreats, reflecting a broader trend towards self-care and mindfulness. This trend reflects a broader desire for mental clarity and intentional living in a fast-paced, digitally driven society.

With AI and machine learning changing the landscape of marketing, what emerging technologies are you most excited about in the field?

I’m particularly excited about the potential of emotionally intelligent AI to revolutionise marketing. The ability for AI to read facial expressions, voice tones, and body language to gauge emotional states opens up a whole new world of personalised engagement. This level of engagement would make marketing feel more intuitive and human-centred than ever before. The possibilities of holograms are also incredibly exciting, as they have the potential to revolutionise how we interact with brands and connect with others. Picture your family gathering together in holographic form, no matter where they are in the world! Holographic technology could also transform education, with virtual teachers and classrooms allowing students to interact with instructors and peers from anywhere. While there’s much to look forward to, I hope these advances ultimately bring more benefits than perils, ensuring they enhance our lives without compromising privacy or ethics.