The millennial generation is a market changer for the past five years. India has about 45% of earning workforce as Millennial, which itself is a considerable percentage. This is prevalent even in the real estate and housing in India. Millennial have the power to influence any market, considering their significant role in every sphere of life.
But before talking more about this, let us know who Millennial are?
A person born in the 1980s or 1990s, basically 1981 to 1996 (ages 24 to 39 as of 2020) is admitted as Millennial or Gen Y (Generation Y or Gen Y is also known as Millennial), and if anybody born from 1997 onwards is included as part of a new generation.
Millennial are an age of society that is driven by sentiments and positive feelings for the social community. In today's world vision of Millennial, the generation is mainly used for decisions like technological and social changes. Millennial or Gen Y are leading in higher dispensable income and carry on with a tech-driven way of life compared to the former generation, which is disliked because of their saving and speculative nature.
The most significant part of the generation in America is Millennial. Yet, they are different from their parents based on many aspects. They are diverse in everything from employment to lifestyle to thoughts or thinking to marriage to food style.
Millennial or Gen Y is so different from the earlier generation. Here is how
Gen Y is more care about prices than the earlier generation. This is a significant difference because they belong from the time of recession which became a part of their lives and nature.
Today's generation does not over think shopping or spends their money on something expensive or buy what they love. Still, Gen Y is not like those. They do not flow their money easily in spite they save and invest on something worthy also this, they are also experts in bargaining.
As compared to the earlier generation, Millennial or Gen Y is more health-conscious. They take healthy food and follow a healthy lifestyle, including yoga, hygiene place around them, no stress always peace in mind. They define healthy as not fall in sick and proper height and weight according to their age. Their food preferences include vegan, healthy vegetables, and all the natural options in the grocery.
Gen Y is slower to buy a home for own than previous and earlier generation. But they are indeed even more interested in buying a home than their parents but step back due to their financial challenges like credit card debts, study loans, home loans, and many more.
People from Gen Y or Millennial are not higher expectation people as compared to this earlier generation. Millennial or Gen Y believes in simple straight and everyday life. They are from less technological, limited internet and consider working hard over innovative work.
As earlier generations came up with innovations and technology that mean the fast-growing world, this generates higher expectations to do more and more.
Gen Y is more passionate about their work. They are highly motivated and can make a positive impact on their work. Millennial always want growth and promotion from their work which encourages them to do more and get experienced. They don't feel afraid to change their job or do work independently than their previous generation. They have a nature to work longer for the same company as a loyal employee or manager.
As compared to the previous generation, Millennial have a considerable influence in the housing market, especially the real estate market in Bangalore as Bangalore, being the IT hub of the country, has more millennial populace than any other city in India. From research, it is concluded that Millennial search twice than other generation, information about the housing market and home buying. Due to independence, they frequently search all the information by themselves, eliminating the role of broker or real estate agent.
The Millennial always keep an eye on perfect things. Every time, they look for low energy-consuming homes, high-security systems, good digital internet connections, and an intelligent lifestyle whenever they buy or build a new home. This has lead the real estate companies in Bangalore, Delhi, Mumbai and other metro cities to adapt to this changing trends in real estate in India.
Now home builders also include the taste and preferences of Millennial. The most common and popular preference by Millennial for buying a home in Bangalore or Mumbai or Delhi or Hyderabad is that the home should be close to market place, entertainment hotspots, metro surrounded area, shopping centers like malls, hospitals, and police stations in case of emergency. Millennial have a clear vision to buy or build a perfect home around a well-serviced area.
For Millennial, modern living is not about buying a home, car, or good furniture. It is about enhancing the standard of living. Hence, real estate companies in India must consider Millennia’s preferences.