Millennials comprise one-fourth of the workforce in Asia Pacific and are a rapidly growing source of spending power. Their growing influence is already driving new trends in real estate markets across the region, making it essential for occupiers, retailers and developers to gain a thorough understanding of their behaviours, requirements and priorities.
To gain a better insight into millennials, CBRE Research conducted a global survey of 13,000 young adults aged between 22 and 29 across Asia Pacific, EMEA and North America. In this Asia Pacific report, we specifically look into the behaviour of millennials from Australia, China, Hong Kong, Japan and. We found that –
• Millennials are happy to continue to LIVE in the family home until they have the financial means to live independently. Most would still like to buy a home, although they are not willing to compromise in terms of their quality of life.
• They seek WORK that provides them with inspiration, responsibility and career progression. Millennials view their office and its immediate surroundings as not just a place of work, but as a community where they can relax, socialise and engage in other activities.
• When they PLAY , millennials like to spend their money on experiences such as travel, entertainment and dining. As digital natives, they do like to shop online, but only physical retail can provide them with the experiences and social elements they require.
Our survey findings suggested millennials view locations such as apartments, offices and shopping malls as more than just destinations to live, work and play. Occupiers and landlords should therefore seek to include amenities and events that enhance the everyday experiences of users. By ensuring millennials are more involved with a community, they are also more engaged with a place.