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).
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”.
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:
Indian Millennials live with
their parents vs Australia at 35%
& China at 61%
Indian millennial have no
intention of leaving the family home
than 23% of Indian millennials
currently staying with their parents will move out of their family homes within
the next two to five years
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
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%).
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.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.