Hyderabad: Indian millennials are known as the “Generation Rent” since 68 per cent of them, who don’t live with their parents, choose to rent a place.
About 82 per cent of Indian millennials choose to live with their parents largely due to their culture, background and upbringing. At a time when most young adults are striving for greater freedom and independence, the high rate of property prices is a key factor for millennials to not move out.
CREDAI Youth Wing, in association with its knowledge partner CBRE, in the presence of Minister K.T. Rama Rao, on Friday released a report ‘The Youth Barometer’ at its second annual CREDAI Youth Wing Convention, YOUTHCON 2018 at HICC.
The term ‘Millennials’ is generally used to refer to those born during the 1980s and mid 1990s and they account for 25 per cent of the working population in India. The report covers three major categories —where millennials live, where millennials work and how they play. Most millennials save money to buy a home, spend prudently and work towards carving out a stable career.
Commenting on the report, Mr Anshuman Magazine, Chairman, India and South East Asia CBRE said, “Given that by 2020, 65 per cent of our population will be under the age of 35, it is critical that we gain insights into the behavior of this population class. In two years, millennials will make up half of the global work force. With such a large voice, millennials’ decisions about where they work, how they work and for whom they work, will have lasting consequences for the global economy and for real estate.”
Millennials are more focused on working conditions and lifestyle factors. Commuting time to work, location, office design and flexible working hours are the critical factors millennials consider when deciding on a new job.