Renting property is set to become the coolest trend. After all, 68 per cent millennials (People born between 1982-2002) or generation Y as they are popularly known, prefer to rent rather than buy a property. And even if they buy one in future, they would not like to compromise on the quality of life. They are truly the '' no compromise generation'' as 20 per cent of them are even willing to take a pay cut for a better office environment. Seventy-three per cent of millennials do not want to travel for more than 45 minutes for the office.
These are part of the findings of a survey conducted by real estate consulting firm CB Richard Ellis on 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 report touches upon millennials attitude towards the work environment (office spaces), their living choices (residential real estate) and their consumption patterns (retail).
Interestingly, 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—24% in India and 31% in China.
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.
"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 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,” says Anshuman Magazine, Chairman- India and South East Asia at CB Richard Ellis.
