Millennials account for 25 per cent of the working age population in India and while choosing a company to work for, 75 per cent of them consider salary and benefits as the top priority, according to a report. These observations were made in the report titled ‘The Youth Barometer’ was brought out by CREDAI Youth Wing in association with its knowledge partner CBRE. It was released by Telangana Minister K T Rama Rao. “Today, millennials account for 25 per cent of the working age population in India. While choosing a company to work for, 75 per cent of Indian millennials consider salary and benefits as the top priority,” it said. Additionally, the report finds that about 73 per cent of the Indian respondents are unwilling to travel beyond 45 minutes to their workplace. It has also been projected that in the next three years, 47 per cent of the Indian youth will increasingly shop online, the report said adding as much as 82 per cent of 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 (outside their family). Today, Indian millennials are known as the ‘Generation Rent’ since 68 per cent millennials, that don’t live with their parents, choose to rent a place,” the report added. The findings reveal that about one third or 35 per cent of the respondents identify ‘investment’ as the key driver for buying a property.
The report concludes by observing the emerging trends that can be witnessed in the various real estate segments and 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. Jaxay Shah, President, CREDAI National said the trends indicate an imminent development in the affordable housing sector which works in favour of the Prime Minister Narendra Modi’s determined aim of ‘Housing for All by 2022’.