Demystifying Popular Myths, Millennialsto drive the Real Estate Market in India: CBRE Report
@LIVE – “Generation Rent”
- 68% of Millennials in India prefer to rent rather than buy a property
- @WORK –“Generation No Compromise”
- Over 20% willing to take a pay cut for a better office environment
- 73% of Millennials unwilling to travel for more than 45 mins to the office
- @Play – “Generation Save”
- 40% of millennials to save their earnings in the next three years
- 20% of millennials continue to prefer shopping in malls / high street
- 50% to focus on online shopping
New Delhi, November 23, 2016– CBRE Group Inc. the world’s largest real estate consulting firm, today announced the findings of its ‘first of a kind’ survey on “The Millennials”. The survey provides an in-depth look at what defines Millennials as people (LIVE), employees (WORK)and as consumers (PLAY). The survey, conducted across 13 countries globally had India as a major participating country. The survey tries to analyze the behavior patterns of these millennials and its linkages to various real estate segments. The report touches upon millennials attitude towards the work environment (office spaces),their living choices (residential real estate) and their consumption patterns (retail).
Commenting on the findings of the survey, Mr. Anshuman Magazine, Chairman –India & South East Asia, CBRE said, “Given that by 2020, 65% of our population will be under the age of 35, it is critical that we gain insights into the behavior of this population class. The Millennial survey tries to do just that – to understand the implications that this population set will have on different real estate classes. The results are not only insightful, but also contrary to the general perception around millennials. For instance, 82% of the millennials stay with their parents, saving for the future is among their top priorities and a large majority look at real estate as a sound investment opportunity”.
While millennials across the globe deal with similar circumstances, however their attitude towards the same factors are varied due to regional/cultural influences.
Some of the findings are captured below:
- 82% of Indian Millennials live with their parents vs Australia at 35% & China at 61%
- 25% of Indian millennial have no intention of leaving the family home
- More than 23% of Indian millennials currently staying with their parents will move out of their family homes within the next two to five years
- 65% of Millennials aspire to buy a property in the future without compromising on the quality of life. Millennials in China and India displayed the strongest intentions to buy their own property in the near future.
- While for Indian Millennials, Investment is the key driver (at 35%) for buying property, in China it is stability (at 69%).
- Job loyalty is stronger than perceived. Over 68% of the millennials in Asia Pacific region want to work for the same firm or smaller number of companies during their career
- While considering a new job, salaries remain the top priority for millennial across all countries. Indian millennials are equally concerned with company reputation(72%) and learning opportunities (72%). However, 68% of millennials in China & Hong Kong more influenced by the HR policies, leaves, benefits, etc.
- While taking a new job, Indian millennials are very concerned about eating areas/cafeterias (50-55%) within the office premise. In a striking contrast to this preference, China and Hong Kong have high influence of Sleeping /resting areas (50-60%) while Australian millennials (40%) are more concerned with wellness/relaxation facilities at their next office
- Although spending on essential goods and leisure activities rank high for millennials across the globe, present day millennials are also focusing on their savings for future use in India (24%), China (31%), Hong Kong (34%), Japan (22%) & Australia (23%)
- All the millennials prefer getting their products delivered to their homes (70-75%). Product delivery to their office is the second most common response in all the countries except Hong Kong where 28% people like to collect it from a third party (collection locker, centralized collection point).
- 47% of Indian millennials, who expect increase in their online shopping in coming years, will do so because of better return policies and customer care. While, a wider range of available products is the main reason for increasing adoption in Japan (37%), Australia (45%), China (51%) and Hong Kong (55%).
- The Indian millennials spend most of their free time in online shopping (17%) followed by high street shopping (12%) and going out to eat with friends/family (11%).
While the long-term goals of millennials are well aligned with those of their older generations; however they have a noticeably different attitude towards their current living, working and recreation preferences. Millennials view their homes/apartments, offices and shopping malls as more than just destinations to live, work and for recreation. They see them as communities and places for interaction with neighbors, colleagues and friends. Paying close attention to and incorporating the preferences of today’s Millennials will be imperative for the future growth of all major sectors, especially real estate
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