Gen Z Is Buying Gold More Than Crypto, Mutual Funds Or Stocks, Says Survey

Gold remains deeply trusted by young Indians, but the way it is bought is changing in quiet but meaningful ways.

A recent nationwide survey done by Smytten PulseAI finds that gold buying is becoming increasingly self-led and lighter in ticket size.

About The Survey

The survey, conducted with 5,000 consumers aged between 18-39, captures how tradition-led buying is steadily giving way to a more individual, logic-driven approach.

The survey reveals that 66.7% of the respondents' purchases today are largely personal decisions, and 61.9% report that their most recent gold purchase was below 5 grams - indicating the changing nature of how the Gen Z and Millennials look at gold - more as personal milestones and means of investments from their first paycheques.

Let's look at some numbers:

• 61.9% of respondents would choose gold if they had Rs 25,000 to invest today, far ahead of mutual funds (16.6%), fixed deposits (13%), stocks (6.6%) and crypto (1.9%).
• During times of economic uncertainty, 65.7% said gold feels like the safest option compared to bank savings, mutual funds or equities.

These findings underline gold's enduring role as the financial fallback across both Gen Z and Millennials.

Buying Decisions Are Becoming More Personal

While family influence continues to matter, gold buying is increasingly being driven by individual choice.

• 66.7% of respondents said gold buying today is largely a personal, self-driven decision rather than one influenced primarily by family.
• 42.3% said they themselves initiated the most recent gold purchase in their household, while 40% cited parents or elder family members.

This points to a clear generational split in how gold decisions are made. Gen Z is more confident deciding when and how to buy, treating gold as a self-led financial choice. Millennials, on the other hand, are more likely to view gold through the lens of household planning and long-term security, where purchases are still shaped by collective family priorities.

Smaller Purchases Are Becoming The Norm

The survey points to a clear move away from large, infrequent purchases toward lighter, more regular buying.

• 61.9% of recent purchases were below 5 grams, with 27.5% buying less than 2 grams and 34.4% buying between 2 to 5 grams.
• 42% of households now prefer smaller, more frequent purchases over time, compared to 58% who still make one-time, occasion-linked purchases.

For many first-time buyers, entry into gold is no longer limited to weddings.

• 24.3% said their first gold purchase was triggered by their first salary or personal income, while 23.9% cited an investment decision.

This reflects the generational split in entry behaviour: Gen Z is more likely to enter through personal milestones and smaller starter buys, while Millennials are more likely to anchor purchases to life events and longer-term security.

Trust Still Outweighs Convenience In Buying Channels

Despite the rise of digital platforms, gold remains a trust-led category, according to the survey. Data also shows, 52.7% said they are very likely to buy gold in the next 12 to 24 months.

As Gen Z reshapes how gold is entered, and Millennials continue to rely on it for security, the survey shows a market that is evolving in behaviour, not weakening in demand.