I say touch on one of these things. Academic track, family, HOBBIES, your personality, and aspirations. This question is easy if you think about it. Just ask yourself, what do I want the interviewer to think about me. For example, do i want him to think that I am very family oriented than talk about your family. Be careful, if you do talk about your family, because if you do, you may appear to talk more about your family members than YOURSELF.
Above all else, talk about yourself. The interviewer is trying to GAUGE your communication skills, eye contact, and friendliness.
SMILE and be light hearted. DO NOT APPEAR UPTIGHT. Have fun with it.
Does it matter what you say? Yes, but not as much as how you say it. Think "chemistry" with the interviewer.