o 68% of Millennials in India prefer to rent rather than buy a property
o Over 20% willing to take a pay cut for a better office environment
o 73% of Millennials unwilling to travel for more than 45 mins to the office
o 40% of millennials to save their earnings in the next three years
o 20% of millennials continue to prefer shopping in malls / high street
o 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:
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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