Millennial lifestyle priorities similar with other generations

 

CBRE’s report showed that Asia-Pacific millennials share similar long-term lifestyle priorities with other generations, despite often superficial perceptions of this emerging superclass.

CBRE’s report showed that Asia-Pacific millennials share similar long-term lifestyle priorities
with other generations, despite often superficial perceptions of this emerging superclass. Photo: CBRE

FINDINGS from a new CBRE research revealed that Asia-Pacic millennials share similar long-term lifestyle priorities with other generations, despite often supercoal perceptions of this emerging superclass. 

The findings in the report, Asia-Pacific millennials: Shaping the future of real estate, demonstrated that perceptions of millennials as preferring informal employment, changing jobs regularly and avoiding financial responsibility are inaccurate in this region.

In fact, the study noted that consistent with previous generations, most millennials save money to buy a home and spend prudently.

The report also illustrated that this demographic aspires to carve out a stable career but take into account factors such as offce design when selecting an employer — with 71% of respondents willing to give up other benets for a better office environment.

“The millennial demographic in Asia- Pacic is a game-changer for businesses across the board. Their living, working and playing priorities and habits will shape economics, redene opinions on workplace design and functionality, and drive new attitudes towards consumption and experience for the foreseeable future,” said Steve Swerdlow, CEO, CBRE Asia-Pacic.

Dr Henry Chin, head of Research, CBRE Asia-Pacic, added: “Millennials represent the fastest source of spending power regionally and serve as the most influential demographic framing future trends in real estate through their lifestyle behaviour, requirements and priorities of living, working and play.”

The study, which highlighted insights into how millennials live and work, also unveiled shopping habits. It said that Asia-Pacic millennials are more likely to
spend their time and money on leisure activities and experiences such as travel,
entertainment and dining than previous generations.

Millennials shop online — at an average of 4.7 days per month — but only physical bricks-and-mortar venues, particularly shopping centres, provide them the experiences and social elements they require. Millennials visit shopping centres for
purposes other than buying products, such as to dine out, banking and visiting exhibitionsat an average of three days per month. However, slower economic growth and a desire to save money for purchasing a home may inhibit future spending on leisure activities, suggested the CBRE research.

Dr Chin explained: “In order to leverage millennials’ spending habits, retailers
are recommended to increase the experience- based element of their offering and focus on providing an environment for visitors to socialise and relax. In addition to increasing F&B, cinema and entertainment elements in their shopping malls, retail landlords should consider organising more live events to attract millennials. However, they should also carefully manage their tenant mix to ensure they still
cater to other generations.”

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