- The report, ‘The Youth Barometer’, identifies trends created and driven by the millennials in the Indian Real Estate sector among others
- Report finds 82% Indian millennials still live with their parents with a majority of millennials still aiming to own a quality home
Hyderabad, February 09, 2018 – CREDAI Youth Wing in association with its knowledge partner CBRE, today released a report ‘The Youth Barometer’ at its 2nd annual CREDAI Youth Wing Convention, YOUTHCON 2018 in Hyderabad. The report highlights the major trends created and driven by millennials, addresses issues such as why millennials live with their parents longer and how millennial consumers spend, save and play. The result challenges the often believed perceptions and serves as one of the most authoritative studies ever undertaken on such a demographic.
The report covers 3 major categories- where millennials live, where millennials work and how they play. Comprising of one-fourth of the total workforce in Asia Pacific, millennials are a prominent source of spending power. The research analyzes the behavioral patterns of these millennials and how it impacts the real estate, job and the retail markets. CBRE Research polled over 5,000 millennials across Asia Pacific about their live, work and play ambitions to frame the report.
Key Findings of ‘The Youth Barometer’:
How millennials LIVE: 82% Indian millennials choose to live with their parents largely due to the cultural upbringing of Asian countries where parents house their children until they get married. The high rate of property prices is also a key factor for millennials to not move out. Today, Indian millennials are known as the “Generation Rent” since 68% millennials, that don’t live with their parents, choose to rent a place. The findings reveal that about one third or 35% of the respondents identify ‘investment’ as the key driver for buying a property. Overall, beating common perceptions, a majority of millennials aim to buy a home, and while placing the utmost importance on quality of life, they also refuse to compromise on the quality, size and location, further driving trends towards affordable housing for rent and sale.
How millennials WORK: Today, millennials account for 25% of the working age population in India. While choosing a company to work for, 75% of Indian millennials consider salary and benefits as the top priority. Additionally, the report finds that about 73% of the Indian respondents are unwilling to travel beyond 45 minutes to their workplace.
How millennials PLAY: The findings of this report show that 24% of Indian millennials tend to save their earnings. It has also been projected that in the next three years, 47% of Indian millennials will increasingly shop online. However, today 20% millennials still prefer to shop at a physical retail store and this will remain a priority for the youth to socially engage and recreate.
The report concludes by observing the emerging trends that can be witnessed in the various real estate segments. The increasing influence of millennials has been driving real estate trends in particular across the Asia Pacific region and it is imperative for developers to gain a thorough understanding of the youth’s behaviours, requirements and priorities.
Mr. Jaxay Shah, President, CREDAI National said, “We at CREDAI have always recognized the youth as the leaders of tomorrow. With this in mind, our dedicated Youth Wing have been working towards bringing together the next generation of real estate builders and developers. The Youth Barometer report states the growing impact that the youth will have on various sectors especially real estate and further highlights the emerging trends that are being driven by them. The trends indicate an imminent development in the affordable housing sector which works in favor of the PM’s determined aim of ‘Housing for All by 2022’ and we, along with our future leaders, aim to continue driving this momentum in the industry.”
Commenting on the report, 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 Youth Barometer report tries to do just that - to understand the implications that this population set will have on different real estate classes. In two years, millennials will make up half of the global workforce. With such a large voice, millennials’ decisions about where they work, how they work and whom they work for will have lasting consequences for the global economy and for real estate”
About CREDAI and YOUTHCON
Established in 1999, The Confederation of Real Estate Developers’ Association of India, is the apex body for private real estate developers in India, representing 11,940 developers through 23 states and 189 city chapters across the country. CREDAI has worked hard to make the industry more organized and progressive by networking closely with government representatives, policy makers, investors. CREDAI works towards improvement of ethical standards & business practices in real estate. CREDAI is well-recognized by the Central and State Governments in all its endeavors.
YouthCon is the annual Youth Conclave of CREDAI, held to bring together the future of the real estate Industry in India. The “CREDAI Youth Wing" - CYW was formed to bring together the next generation of real estate builders and developers and also to groom and nurture to become better professionals, ethical businessmen and true leaders in Real Estate. The Youth wing also aims to inculcate strong values and provides for a learning based environment for these young and bright developers. CREDAI Youth Wing will ensure that the leaders of tomorrow will be well informed and knowledgeable with an open-mind and the strongest of the business values. CREDAI looks towards its young members to strengthen the next wave of developers in our Association from the grass-root levels.
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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
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Karam Raj Singh