Local Response | Adaptive Spaces
Voices from India: How will people live, work and shop in the future?
India Live-Work-Shop Report 2022
February 23, 2023
Nearly six years after CBRE brought to the fore the aspirations of the millennial generation in terms of how they live, work and spend their money, we went back to the drawing board to track how each generation has evolved since then. Our Live-Work-Shop survey, conducted late last year, polled more than 20,000 people worldwide, from Gen Z to baby boomers. The aim again was to understand how they will live, work and shop in the future, and how the shifting dynamics would impact the real estate they use.
The survey featured around 1,500 respondents from India, and its findings revealed fresh insights for real estate occupiers, developers and investors. We believe these stakeholders can harness our survey findings to make informed decisions and strategies to ensure that our real estate spaces are positioned to meet users’ evolving needs.
Below are some of our key findings:
- Perception shift in 'generation rent'
70% of millennials now prefer to buy over rent, a complete reversal of the trend in our 2016 survey
- Homebuying sentiment remains robust
72% of the respondents who are planning to move in the next two years want to purchase a house
- Convenience on their minds
70% of the respondents prefer better transportation infrastructure with a shorter commute time
- Greater appetite for flexibility
69% of the respondents prefer to work at least three days from office. Gen Z and early millennials show greater inclination for this schedule
- Workplace quality matters
80% of the respondents put greater importance on COVID-19 safety measures and sustainability features in workplaces
- Need for speed
75% of the respondents prefer to reach work more speedily i.e. a shorter commute not exceeding 30 minutes. This is a shift from the previously cited 45 minutes in the 2016 survey.
- Omnichannel is omnipresent
90% of the respondents shop across multiple channels
- Upbeat outlook for personal finance
80% of the consumers are confident about their personal finances for the coming years. Millennials and Gen X are more optimistic
- Towards a green planet
70% of the respondents stated that they have opted for environment-friendly products in the past
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Also, explore the data behind the survey. With our Interactive Data Dashboard, you can compare global results against those of your own geographic region, market and age group. Uncover the insights most relevant for your business.
The Global Live-Work-Shop Report Data Dashboard
How do your attitudes around how you live, work and shop compare to those in your region, market and age group?
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Adaptive SpacesNovember 28, 2022
The Global Live Work Shop Report
Cross-Generational Attitudes That Will Transform the Built Environment
APAC Local Market Responses
Henry Chin, Ph.D.
Global Head of Investor Thought Leadership & Head of Research, Asia Pacific
Head of Occupier Research & Head of Data Intelligence and Management, Research, Asia Pacific
Head of Research, India, Middle East & North Africa, CBRE